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AUDUSD Breaks Below 66c As Fed More Hawkish And RBA Less So

AUD

AUDUSD reached new lows for 2023 on Tuesday after the RBA statement came out less hawkish and Fed Chairman Powell’s Senate appearance was more hawkish. The negative impact on equity markets from Powell’s comments also weighed on Aussie and it was one of the worst performers in the G10. It is currently trading at 0.6588 down 2.1% on Monday’s close and its lowest since mid-November. The USD index rose 1% on the prospect of not just more tightening but a possible return to 50bp.

  • Tuesday’s AUDUSD weakness reinforced and strengthened the bearish theme. The break lower has confirmed a bear flag formation. Breaking through key support of 0.6629 opens up 0.6547.
  • AUDNZD is down 0.7% to 1.0782 with most of the downturn coming after the RBA meeting. AUDJPY is down 1.2% to 90.36. Aussie is down 0.9% against the euro to 0.6246 and -0.4% versus the pound to 0.5572.
  • Equity markets are lower with the S&P finishing down 1.5% and the Eurostoxx -0.8%. The VIX is down to 18.5%. Oil prices also fell following Powell’s comments with WTI down 3.8% to 77.40/bbl. Copper fell 2.9% and iron ore is down to around $126.65/t.
  • Today RBA Governor Lowe speaks at 0855 AEDT at the Financial Review Business Summit on “Inflation and Recent Economic Data”. There is no data scheduled.
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