AUDUSD Below 66c On Stronger US Data But Uptrend Intact

AUDUSD was volatile around the release of Friday’s US data driven by swings in the greenback. It fell to a low of 0.6558 following the stronger-than-expected US payroll data and then recovered to around 66c as the earnings data didn’t look as hawkish as first thought, but then the pair moved lower again to finish down 0.4% at 0.6579. It is currently around 0.6569. The USD index rose 0.4%.

• Technicals signal that last week’s moves are corrective and the uptrend remains intact. It didn’t break 0.6553, 20-day EMA, on Friday, but a clear break would open 0.6495, 50-day EMA. The bull trigger is at 0.6991, December 4 high.
• Aussie is up 0.3% against kiwi to 1.0735. AUDJPY rose 0.2% on Friday and has started the week at 95.22. AUDEUR is down 0.2% to 0.6104 and AUDGBP is flat at 0.5242.
• Equity markets rallied with the S&P up 0.4% and the Euro stoxx +1.1%. VIX is lower at 12.4%. Oil prices rose over 2% with Brent up 2.2% to $75.65. LME metal prices rose 0.8% on Friday but were still down 0.7% on the week. Iron ore climbed higher to around $136/t.
• There are no data or events in Australia today but on Tuesday RBA Governor Bullocks speaks and employment data prints on Thursday.