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AUD: AUDUSD Falls Below 62c At End Of 2024

AUD
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Aussie underperformed the G10 along with Kiwi on the last day of 2024. Month- and year-end appear to have supported the US dollar and the BBDXY USD index rose 0.4% to be up 8% in 2024. AUDUSD fell below 62c to a low of 0.6179 as US equities weakened and finished down 0.5% to 0.6188. 

  • AUDUSD broke below initial resistance at 0.6199, December 19 low, opening up 0.6158. This trend highlights the pattern of lower lows and lower highs, emphasizing the dominant downtrend.
  • While still down against the dollar, the yen outperformed most of the G10 leaving AUDJPY 0.3% lower at 97.29. AUDNZD rose 0.3% to 1.1063, after a high of 1.1068. AUDEUR continued to trade below 0.6000 but was flat at 0.5977. AUDGBP is down 0.3% to 0.4945.
  • Equities were mixed with the S&P down 0.4% but Euro stoxx up 0.6%. Oil prices were stronger with Brent rising 1.1% to $74.83/bbl. Copper fell 1.7% while iron ore was steady around $101/t.
  • Australian CoreLogic home values for December fell 0.2% m/m. The final December S&P Global manufacturing PMI will print too.
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Aussie underperformed the G10 along with Kiwi on the last day of 2024. Month- and year-end appear to have supported the US dollar and the BBDXY USD index rose 0.4% to be up 8% in 2024. AUDUSD fell below 62c to a low of 0.6179 as US equities weakened and finished down 0.5% to 0.6188. 

  • AUDUSD broke below initial resistance at 0.6199, December 19 low, opening up 0.6158. This trend highlights the pattern of lower lows and lower highs, emphasizing the dominant downtrend.
  • While still down against the dollar, the yen outperformed most of the G10 leaving AUDJPY 0.3% lower at 97.29. AUDNZD rose 0.3% to 1.1063, after a high of 1.1068. AUDEUR continued to trade below 0.6000 but was flat at 0.5977. AUDGBP is down 0.3% to 0.4945.
  • Equities were mixed with the S&P down 0.4% but Euro stoxx up 0.6%. Oil prices were stronger with Brent rising 1.1% to $74.83/bbl. Copper fell 1.7% while iron ore was steady around $101/t.
  • Australian CoreLogic home values for December fell 0.2% m/m. The final December S&P Global manufacturing PMI will print too.