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AUDUSD Is Holding Above 63c, RBA’s Bullock Speaks This Week

AUD

The Aussie underperformed on Friday in the face of safe haven flows due to an expected Israeli ground offensive into Gaza which also drove equities lower. AUDUSD is down 0.2% and is off Friday’s intraday low of 0.6286 and holding just above 0.6300 at 0.6304. The USD index rose 0.1%.

  • Outlook for AUDUSD remains bearish. Initial support is at 0.6287 and resistance at 0.6445, October 11 high.
  • AUDNZD is flat at 1.0662 but AUDJPY is down 0.5% to 94.25. AUDEUR is steady at 0.5998 but had been volatile on Friday rising to 0.6007 and then falling to 0.5986. AUDGBP is 0.1% higher at 0.5189.
  • Equities were lower with the S&P down 0.5% and the Euro stoxx -1.5%. Oil rose almost 6% with Brent at $90.98/bbl. LME metal prices fell 0.3% to be down 1.1% over the week. Iron ore is around $114.75/t.
  • RBA’s Assistant Governor Jones speaks at the AFR Cryptocurrency Summit at 1015 AEDT. The focus of the week is likely to be Governor Bullock’s speech on Wednesday and employment data on Thursday.
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