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AUD: AUDUSD Strengthens But A$ Continues To Struggle Against The Euro

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The US announced a one month delay on US tariffs on autos. Negotiations with Canada are also ongoing. The US dollar trended lower through the day and then took another step down on disappointing US ADP employment data (USD index fell 1.0%). This left AUDUSD up 1.0% to 0.6338 after a peak of 0.6342, the highest in a week. 

  • Despite Wednesday’s rally, AUDUSD didn’t break above initial resistance at 0.6354, February 26 high. Key short-term resistance is at 0.6409 and clearance of this would strengthen a bull cycle. Initial support is at 0.6187, 4 March low.
  • European currencies outperformed with the euro supported by news that Germany plans to increase defence and infrastructure spending. As a result, AUDEUR continued to trend lower and fell 0.5% to 0.5874 after a low of 0.5850, the weakest since August. The pair is down 1.9% this week. AUDGBP rose 0.2% to 0.4914 following a high of 0.4917.
  • AUDJPY increased 0.5% to 94.38 and AUDNZD fell 0.1% to 1.1061 off the intraday low of 1.1047.
  • Equities rallied with the S&P up 1.1% and Euro stoxx +1.9% but the FTSE was down slightly. Oil prices were lower again with Brent falling 2.4% to $69.37/bbl. Copper soared 5.6% on tariff news and iron ore is around $100-101/t.
  • Today January building approvals print and are forecast to be flat on the month. The January trade surplus is expected to widen to $5.9bn from $5.085bn.
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The US announced a one month delay on US tariffs on autos. Negotiations with Canada are also ongoing. The US dollar trended lower through the day and then took another step down on disappointing US ADP employment data (USD index fell 1.0%). This left AUDUSD up 1.0% to 0.6338 after a peak of 0.6342, the highest in a week. 

  • Despite Wednesday’s rally, AUDUSD didn’t break above initial resistance at 0.6354, February 26 high. Key short-term resistance is at 0.6409 and clearance of this would strengthen a bull cycle. Initial support is at 0.6187, 4 March low.
  • European currencies outperformed with the euro supported by news that Germany plans to increase defence and infrastructure spending. As a result, AUDEUR continued to trend lower and fell 0.5% to 0.5874 after a low of 0.5850, the weakest since August. The pair is down 1.9% this week. AUDGBP rose 0.2% to 0.4914 following a high of 0.4917.
  • AUDJPY increased 0.5% to 94.38 and AUDNZD fell 0.1% to 1.1061 off the intraday low of 1.1047.
  • Equities rallied with the S&P up 1.1% and Euro stoxx +1.9% but the FTSE was down slightly. Oil prices were lower again with Brent falling 2.4% to $69.37/bbl. Copper soared 5.6% on tariff news and iron ore is around $100-101/t.
  • Today January building approvals print and are forecast to be flat on the month. The January trade surplus is expected to widen to $5.9bn from $5.085bn.