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AUDUSD Approaches 66c, RBA Legislation To Be Presented This Week

AUD

Risk sensitive currencies outperformed on Friday as the greenback weakened supported by stronger equities and a slight improvement in the geopolitical environment. AUDUSD is 0.3% higher at 0.6576 after reaching a peak of 0.6591 on Friday, the highest since early August. The USD index fell 0.5%.

  • Recent upward movements have reinforced the bullish theme and signal it could move towards 0.6616. Initial support is at 0.6476, 20-day EMA.
  • AUDJPY rose 0.2% to 98.28, off the intraday high of 98.54. Aussie was 0.1% lower against the kiwi at 1.0826 after falling to 1.0810. AUDEUR is down 0.1% to 0.6008 and AUDGBP -0.2% at 0.5221.
  • Equity markets were stronger with the S&P up 0.1% and the euro stoxx +0.3%. Oil was weaker with Brent down 1.5% to $80.23/bbl. The LME metal index fell 0.3% on Friday but was up 0.4% on the week. Iron ore rose above $134/t but then eased to under $132/t.
  • There are no events in Australia today. This week the government will introduce legislation to reform the RBA including a confirmation of the dual mandate, reinforcing its independence and establishing both monetary policy and governance boards. Governor Bullock participates in a panel on Tuesday.
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