AUDUSD Range Trading, A$ Crosses Struggling

With only second-tier data and the US dollar little changed, AUDUSD has been trading in a narrow range during the APAC session. AUDUSD is down slightly to 0.6577 after a low of 0.6574 preceded by a high of 0.6587. The pair didn’t react to the rise in the January PMIs. The USD index is down moderately.

• Aussie has lost ground against the kiwi after Q4 NZ CPI data showed that domestically-driven non-tradeables inflation remained elevated. AUDNZD is down 0.1% to 1.0779, lowest since Monday, and off the intraday high of 1.0796.
• AUDJPY is down 0.3% to 97.33 after December Japanese export growth was better than expected. AUDEUR is 0.1% lower at 0.6057 and AUDGBP -0.1% to 0.5181.
• Equity markets are mixed with the ASX down 0.1% but the Hang Seng up 1.9%. The S&P is 0.2% higher. Oil prices are slightly higher with WTI at $74.42/bbl. Copper is up 0.2% and iron ore $131-132/t.
• Later preliminary January PMIs for US/Europe are released and the Bank of Canada decision is announced.