MNI China Daily Summary: Monday, July 29

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CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

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AUDUSD Range Trades But Most A$ Crosses Weaker

AUD

After rising to a high of 0.6540 during APAC trading, AUDUSD range traded to be down slightly on the day at 0.6519, which was unsurprising given the USD is unchanged and also moved in a tight range on Wednesday as there was little new information. Aussie underperformed most of the G10 though except the yen and Swiss franc.

  • The bearish theme in AUDUSD remains and gains are considered corrective. Initial support is at 0.6469, February 5 low, and resistance at 0.6588, 20-day EMA.
  • Aussie continued to trend lower against the kiwi with the pair falling clearly below 1.07 during the European morning. It is now down 0.2% to 1.0675, close to the low of 1.0664. AUDJPY is up 0.1% to 95.60, but off the intraday high of 96.79. AUDEUR fell 0.3% to 0.6050 and AUDGBP -0.3% to 0.5163.
  • Equity markets were mixed with the S&P rallying 0.8% but the Euro stoxx falling 0.3% and the FTSE -0.7%. Oil prices were stronger with Brent up 1% to $79.34/bbl. Copper is down 1.2% but iron ore is higher at around $127/t.
  • There are no data or events in Australia today.
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