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AUDUSD Starts The Week Lower As Chinese Reopening Hopes Recede

AUD

The AUD rose strongly against the USD on Friday (+2.9%) to be the second best G10 performer but has started the week down on confirmation from the Chinese National Health Commission that the current zero-Covid policies remain. It is now trading around 0.6420 down from Friday’s peak of 0.6483.

  • When the USD weakens AUD is finding support and the next resistance level is 0.6522 (October 27 high), a break through this suggests a bullish trend. With the adjustment down after the Chinese news, the next support is 0.6272.
  • AUDNZD is currently trading close to Friday’s close at around 1.092. But AUDJPY has started the day lower around 94.48 on the resurgence in global growth concerns. AUDEUR is also down at around 0.6480.
  • Equity markets were up across the board on Friday, apart from the Nikkei, as risk appetite improved. After dipping to 24%, the VIX came back to finish the session at 24.5%. Commodities also benefited from the risk-on move with oil prices up 4-5% and Brent now approaching the $100/bbl mark. LME metals prices rose 5.8% to be at their highest level since mid-September. Iron ore is around $88.
  • Australian survey data are released this week and today ANZ job ads for October print. The important US CPI data for October are published on Thursday.
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