AUDUSD Breaks 65c Briefly But Can’t Sustain It

AUDUSD is trading at 0.6491, around its 20-day EMA. The next level to watch is 0.6589, the 50-day EMA. The pair broke through 65c to reach an intraday high of 0.6508 following the better-than-expected China composite PMI but couldn’t hold the break. The USD index is off its lows to be down 0.1%.

• AUDNZD is up 0.1% to 1.0883 and AUDJPY is down 0.1% to 94.65. AUDEUR has reversed some of its losses from Wednesday and is up 0.3% to 0.5942 and AUDGBP is +0.2% to 0.5101.
• Equity markets are mixed with the ASX flat, the Nikkei up 0.6% and CSI 300 down 0.3%. The S&P e-mini is 0.1% higher. Oil prices are down slightly with Brent trading around $85.13/bbl. Copper is down 1.2% and iron ore has jumped to around $116/t following the China PMI.
• Later the Fed’s Bostic and Collins speak and there are US jobless claims, August Challenger job cuts, July income/spending and August MNI Chicago PMI. The ECB’s Schnabel and de Guindos speak, ECB meeting accounts, preliminary August euro area CPI and July unemployment rate are published.