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AUDUSD Below 64c Again, RBA Likely On Hold

AUD

The Aussie underperformed on Monday and AUDUSD broke through 64c, ahead of today’s RBA decision which is likely to see rates left at 4.1%. AUDUSD fell 1.1% and is currently trading around 0.6364. The USD index rose 0.8% supported by stronger-than-expected PMI/ISM data.

  • Initial support is at 0.6331, September 27 low and bear trigger, and a break of this would confirm the resumption of the downtrend and open 0.6287. Key resistance is at 0.6522, and clearance of this would be bullish.
  • AUDJPY is down 0.7% to 95.36. AUDNZD is 0.3% lower at 1.0699 and broke through 1.07 a number of times on Monday with the low at 1.0691. Both the RBA and RBNZ are likely to be on hold this week. Aussie is down 0.2% versus the euro and pound to 0.6074 and 0.5265 respectively.
  • Equity markets were generally lower with Euro stoxx down 0.9% and the FTSE -1.3% but the S&P flat. Oil prices fell again with Brent down 1.9% to $90.43/bbl. Copper was lower and iron ore is around $119.50/t.
  • Today the focus will be the RBA meeting (see MNI RBA Preview here). There are also August house finance and building approvals, both of which should rise, and September ANZ job ads.
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