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AUDUSD Downtrend Continues, GDP And CPI Data Today’s Focus

AUD

Aussie was down 0.2% against the USD but did better in the G10 space than in recent days with only kiwi and yen outpacing it. AUDUSD reached a low of 0.6704 and is now trading around 0.6725 following a high of 0.6758. The USD index was stronger up 0.3%.

  • The downtrend in AUDUSD remains in place and the pair is close to the January lows. It broke the 100-day moving average on Tuesday and remains just below. Bearish conditions have also been reinforced by the break of the trendline support from the October 13 2022 low. Key support is at 0.6629, the December 20 low.
  • AUDNZD is down 0.5% to 1.0876 and AUDJPY is down 0.2% to 91.57. Aussie was up 0.1% versus the euro and pound to 0.6360 and 0.5590 respectively.
  • Equity markets were lower with the S&P down 0.3% and the Eurostoxx -0.2%. Oil prices were higher with WTI up 1.6% to $76.88/bbl. Copper rose 1.6% and iron ore is up to $124.50/t.
  • CoreLogic house prices fell only 0.1% m/m in February, the best result since the April 2022 peak, to be down 9.1% y/y.
  • Today Q4 GDP and January CPI print and they’re expected to rise 0.8% q/q and 8.1% y/y respectively. There is also the final February reading of the Judo Bank manufacturing PMI. RBA Assistant Governor Jones (Financial System) speaks at 930 AEDT.
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