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AUD: AUD/USD Eyeing Late Jan Highs & Key Resistance, As USD Falters

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AUD/USD sits just under 0.6320 in early Friday, just off late Thursday intra-session highs in US trade. Broader USD sentiment remained weak through Thursday trade, as markets noted softer details within the PPI data report, while Trump's plan for reciprocal tariffs suggests an early April start date, so still a little distance away. The USD BBDXY index is off 0.70%, with the AUD lagging yen gains and firmer EU currencies as well. 

  • The A$ has risen through the 50-day EMA (near 0.6300), while Jan 24 highs at 0.6331, which is a key resistance point, is close by. A break above this level could see 0.6384 targeted, the Dec 13 high. Support is seen at 0.6171, the Feb 4 low.
  • US yields were lower across the Tsy benchmarks, as markets took the PPI data report and translating that into a more negative read for the Fed’s preferred measure of inflation (PCE). The aggerate PPI report was still solid though The US 10yr yield is back to 4.53%, unwinding yesterday's CPI induced bounce.
  • No immediate reciprocal tariffs were also welcomed by the market, with global equity markets rallying, the SPX up 1.04%, the Euro Stoxx, +1.75%. In the commodity space, the aggregate Bloomberg spot index rose 0.47%, the metals index gained 0.46%.
  • The local data calendar is empty today, with next Tuesday's RBA meeting the focus point. Note the following option expiries for NY cut later: 0.6200(A$1.3bln), $0.6250(A$610mln), $0.6280-00(A$1.4bln), $0.6350(A$523mln).  
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AUD/USD sits just under 0.6320 in early Friday, just off late Thursday intra-session highs in US trade. Broader USD sentiment remained weak through Thursday trade, as markets noted softer details within the PPI data report, while Trump's plan for reciprocal tariffs suggests an early April start date, so still a little distance away. The USD BBDXY index is off 0.70%, with the AUD lagging yen gains and firmer EU currencies as well. 

  • The A$ has risen through the 50-day EMA (near 0.6300), while Jan 24 highs at 0.6331, which is a key resistance point, is close by. A break above this level could see 0.6384 targeted, the Dec 13 high. Support is seen at 0.6171, the Feb 4 low.
  • US yields were lower across the Tsy benchmarks, as markets took the PPI data report and translating that into a more negative read for the Fed’s preferred measure of inflation (PCE). The aggerate PPI report was still solid though The US 10yr yield is back to 4.53%, unwinding yesterday's CPI induced bounce.
  • No immediate reciprocal tariffs were also welcomed by the market, with global equity markets rallying, the SPX up 1.04%, the Euro Stoxx, +1.75%. In the commodity space, the aggregate Bloomberg spot index rose 0.47%, the metals index gained 0.46%.
  • The local data calendar is empty today, with next Tuesday's RBA meeting the focus point. Note the following option expiries for NY cut later: 0.6200(A$1.3bln), $0.6250(A$610mln), $0.6280-00(A$1.4bln), $0.6350(A$523mln).