AUDUSD Holding Above 67c As Greenback Weakens Further

Aussie is up 0.4% versus the USD and has broken through 67c. It is now around 0.6711, close to the intraday high of 0.6718 and above the 20-day moving average. The USD index is 0.2% weaker.

• Aussie has recovered some of its losses against the euro and is up 0.2% to 0.6168. AUDGBP is up 0.3% to 0.5463. AUDNZD is flat at 1.0742 after reaching high of 1.0758 earlier. AUDJPY is stable around 87.84.
• Equity markets across the region have generally followed the US lower after the Fed pushed back against rate cuts this year and Yellen said there’s unlikely to be a “blanket” deposit insurance scheme. The ASX is 0.7% lower and the Nikkei -0.6% but the Hang Seng is up 0.3%. S&P e-minis have recovered somewhat rising 0.2%. Brent crude is down 1% to $75.94 but copper prices are up 0.1%. Iron ore is up 1.6% to around $122 /t.
• A number of European central banks meet later and are all expected to increase rates despite recent banking turmoil. The BoE is forecast to hike by 25bp, the SNB 50bp and the Norges bank 25bp. Tomorrow Australia’s Judo Bank preliminary March PMIs print.