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AUDUSD Breaks Above 67c, Focus On RBA – Close Call

AUD

Aussie outperformed the G10 on Monday and rose 1% versus the greenback, helped by hopes of further China stimulus. AUDUSD broke through 67c during the European session and is currently trading around 0.6719, ahead of the RBA decision later. The USD index was 0.25% higher.

  • Friday’s move down reinforced the bearish theme which signalled scope for weakness toward key support at 0.6596, June 29 low. Key short-term resistance is at 0.6821, which needs to be breached to reinstate a bullish theme.
  • Aussie rose 1.8% against the yen to 95.58 driven by both AUD strength and JPY weakness. AUDNZD is up 0.2% to 1.0822. AUDEUR rose 1.2% to 0.6108 and AUDGBP +1.1% to 0.5234.
  • Equity markets were stronger with the S&P up 0.15% and the Euro stoxx +0.1%. Oil rallied again with WTI rising 1.5% to $81.76. Copper rose 2.3% and iron ore is around $109/t.
  • Today the RBA meets and is expected to hike rates 25bp at the margin. Most analysts believe it will be a close call (see MNI RBA Preview here). Also today the final July Judo Bank manufacturing PMI, June housing finance and building approvals print.
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