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AUD/USD - Tight Ranges Prevail

AUD

AUD/USD has had a modest 20pip range so far. We sit slightly above NY closing levels now. The pair last 0.6630/35. We did spike to 0.6642 earlier, with lows just near 0.6620. Firmer regional equities are supporting, while US futures are close to flat at this stage. Commodities are also a touch higher.

  • AU-US 2yr spreads are still generally trending sideways, last around -97bps. Earlier data on the PPI for Q1 showed y/y momentum continuing to ease, to 5.2% from 5.8%. Mar Credit figures also showed a slowing to 6.8% y/y, but the m/m number was in line with expectations at 0.3%.
  • For AUD/USD, resistance could be evident at 0.6684 the 20-day EMA. Dips sub 0.6600 have been supported in recent sessions.
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