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AUDUSD Breaks Above 65c Post US CPI, Q3 Wages Coming Up

AUD

Aussie was an outperformer on Tuesday along with NZD and SEK following the lower-than-expected US CPI data. AUDUSD jumped on the data and recently broke above 65c. It is now 2.1% higher at 0.6508, also supported by stronger equities. The USD index is down 1.5% as the market priced in more 2024 Fed cuts.

  • AUDUSD has broken through the November 14 high at 0.6493 which has opened up key resistance and bull trigger at 0.6523. Initial support is at 0.6339, November 10 low.
  • Kiwi outperformed Aussie on Tuesday with the pair down 0.2% to 1.0828. AUDNZD rose to a high of 1.0869 pre-US CPI. AUDJPY is 1.2% higher at 97.88. AUDEUR is up 0.4% to 0.5983 after a low of 0.5938. AUDGBP is +0.3% to 0.5208.
  • Equity markets rallied with the S&P up 1.9% and Euro stoxx +1.4%. VIX dropped to 14.1%. Oil prices finished close to flat with WTI at $78.23/bbl. Copper is up 0.3% and iron ore has broken above $130/t.
  • Today Q3 WPI prints and Bloomberg consensus is forecasting it to rise 1.3% q/q and 3.9% y/y (see MNI WPI Preview).
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