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AUDUSD Holds Above 66c, RBA’s Bullock & Retail Sales Coming Up

AUD

Aussie rose 0.3% against the greenback on Monday. It broke through 66c during European trading to make a high of 0.6614 but then hovered just below. During the NY afternoon though it tried again and is currently around 0.6607. The USD index is 0.5% weaker as UST yields moved lower and US data was softer.

  • AUDUSD rose to its highest since August 10 and pierced the 200-day moving average. The pair remains in a bullish trend. It approached resistance at the August 10 high of 0.6616 but didn’t break above it. The level to watch after this is 0.6656. Initial support is at 0.6476, the 20-day EMA.
  • Aussie fell 0.2% against the yen to 98.20 and 0.1% versus the kiwi to 1.0833. It performed better against Europe with AUDEUR up 0.2% to 0.6031 and AUDGBP +0.2% to 0.5232.
  • Equity markets sold off with the S&P down 0.2% and the Euro stoxx -0.4%. The VIX trended lower to 12.7%. Oil prices fell further with Brent down 0.6% to $80.06/bbl. Copper is down 0.9% and iron ore is around $131.50/t.
  • RBA Governor Bullock participates in a panel at the HKMA-BIS conference at 1218 AEDT today (the event can be watched here). October retail sales are out and are forecast to show a slight increase of 0.1% m/m after September’s strong 0.9%.
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