Free Trial

AUD Weakness Pervades as Equity Selling Sets In

FOREX

JPY started the session comfortably the poorest performer in G10, with USD/JPY's break of the bear channel downtrend the latest driver. Into the US close, however, equity selling set in, extending the S&P500's weakness to well over 2%, pulling the rug out from under growth-proxies and commodity-tied FX.

This pressured AUD nicely, which underperformed most others. Nonetheless, markets failed to press AUD/USD through the Thursday lows thanks to a mixed USD. A break through the Thursday low at $0.7592 would expose the 50-dma open the lowest levels since late December for the pair.

Focus in the coming week turns to the ISM and NFP data for January as well as rate decisions from the Australian, UK and Indian central banks.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.