AUDUSD Heading Towards 64c, Jobs Data Coming Up

Most currencies were down against the greenback on Wednesday but Aussie underperformed. The USD index finished 0.2% higher after the FOMC minutes showed most members saw “upside risks to inflation”. AUDUSD is down 0.5% to 0.6426, close to the intraday low of 0.6416. It reached a high of 0.6480 early in European trading.

• The move lower towards 64c on Wednesday reinforced the bearish theme. The bear trigger at 0.6458 has been breached and opened up 0.6403, a Fibonacci retracement. Initial resistance is at 0.6522, August 15 high.
• AUDJPY range traded and is now around 93.97. AUDNZD is 0.25% lower but holding above 1.08 at 1.0820. AUDGBP is down 0.7% to 0.5047, lowest since April 2020, and AUDEUR -0.2% to 0.5904.
• Equity markets were lower with the S&P down 0.8% and Euro stoxx -0.1%. VIX finished at 16.8%. Oil prices fell around 2% with WTI falling below $80 and closing at $79.26/bbl. Copper is down 0.6% and iron ore around $101/t.
• Australia’s July employment data print today with 15k new jobs expected and the unemployment rate forecast to rise to 3.6% from 3.5%. See MNI Small Rise In Employment & Unemployment Rate Forecast.