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AUD/USD Threatening Test Of 0.6600, Amid Broad Based Dollar Strength

AUD

AUD/USD mostly traded on the back foot post the Asia close on Thursday. In the NY session we got to ~0.6605, before some support emerged. We currently track around 0.6620/25, having lost nearly 0.60% for Thursday's session. The A$ wasn't the worst performer in the G10 space, but USD sentiment was uniformly positive.

  • Technically, a continuation lower would expose key support at 0.6565, the Mar 10 low. Clearance of this level would confirm a resumption of the bear cycle that started Feb 2 and highlight a range breakout. On the topside, 0.6708 marks the 50-day EMA.
  • The firmer yield backdrop in the US, aided by hawkish Fed speak, helped broad USD gains. Debt deal optimism also grew, which may have helped constrain A$ losses on crosses (e.g against YEN and CHF), as equity sentiment was quite positive in US and EU markets.
  • AU-US 2yr spreads are trending back lower, weighed by US moves and carry over from yesterday's jobs/unemployment rate miss in Australia. After getting closer towards -60bps, we are now back in the -70/-80bps range.
  • Commodity indices also tracked lower for the aggregate Bloomberg index and base metals.
  • The local data calendar is quiet today.
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