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AUD/USD Still Finding Support Ahead Of 0.6700

AUD

AUD/USD spent most of the post Asia close under pressure, although we finished the NY session up from session lows. We currently track in the 0.6725/30 range, while moves towards 0.6700 (low of 0.6707) was supported through Thursday's session. Support has been evident ahead of this level over the past week.

  • The A$ finished Thursday's session around 0.50% lower against the dollar, similar to the rest of the G10 (except for CAD). For AUD/USD, there is support levels sub 0.6700, with 0.6629 (the Dec 20 low) the next key support point. On the topside we need to breach 0.6850 (former trendline support) to turn the tide.
  • Today we get the Judo Bank services PMI (final reading) and Jan home loans data (-3.0% forecast).
  • Cross asset signals were mixed post the Asia close. The equity tone better from the US (S&P500 +0.76%), but US yields remained on the front foot, albeit finishing below session highs. In the commodity space, aggregate indices finished lower. Copper was off over 2%, while iron ore was relatively steady around $126/ton.
  • Australia and China's Foreign Ministers spoke on the sidelines of the G20 in India. China's Foreign Minister Qin Gang stated both countries have resumed diplomatic and economic dialogues and must continue to do so at all levels per Bloomberg reports (see this link).
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