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Free AccessAUDUSD Struggles To Hold Above 66c, Surveys & WPI Coming Up
AUDUSD trended higher through most of Monday supported by risk appetite to a high of 0.6605 but then weakening US equities weighed on Aussie and the pair fell back below 66c to 0.6586 to be up 0.1% on the day. It is currently around 0.6588. The USD index rose 0.2%.
- Yesterday’s high in AUDUSD approached the 50-day EMA of 0.6615 demonstrating a corrective cycle in play. A clear break of this level would undermine the bearish theme. Initial support is at 0.6472.
- Risk-averse currencies underperformed resulting in AUDJPY up 0.6% to 96.92 but off the intraday high of 97.85. AUDNZD moderated over Monday to be down 0.1% to 1.0941. AUDEUR rose 0.1% to 0.6025 and AUDGBP +0.2% to 0.5159.
- Equities finished mixed with Euro stoxx down 0.1%, S&P flat and the FTSE up 0.5%. Oil prices rallied strongly with Brent up 3% to $82.05/bbl. Copper rose 1.9% and iron ore is around $100/t.
- Today Q2 WPI prints and Bloomberg consensus is expecting a rise of 0.9% q/q and 4.0% y/y. August Westpac consumer confidence and the July NAB business survey are also released.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.