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AUSSIE
AUSSIE: AUD/USD struggling from the off this week, rate last deals 30 pips or so
lower at $0.7180, with broader risk assets under pressure. Weekend headline flow
was dominated by matters surrounding the Huawei CFO's detainment in Canada.
China summoned a U.S. ambassador over the matter, to try and get the U.S. to
remove its request for extradition and delivered Canada with an ultimatum re:
her release. Elsewhere, the weekend saw a wider than expected headline Chinese
trade surplus for November mask weak partials, with exports and imports both
missing expectations.
- RBA's Kent noted that the AU econ is making some progress on unemployment and
inflation but highlighted that it is gradual. Kent also reiterated that the next
move in the cash rate is likely up but didn't rule out a cut if warranted. Kent
also noted that there is a risk that bank credit supply tightens unnecessarily
and seemed worried that banks have tightened loans to small firms.
- Rate has breached the Dec 06 low at $0.7192, with the 50-DMA at $0.7184 also
broken. Bears look to the lower Bollinger band (2%) at $0.7165 as next support.
- Focus this week will fall on the broader risk appetite & NAB biz. conf. data.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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