February 06, 2023 01:49 GMT
AUDUSD Struggling As Robust US Data Still Weighs On Sentiment
AUDUSD is off of its intraday low of 0.6886 but is still below Friday’s close. It is currently trading around 0.6915. Today’s inflation and retail sales data didn’t move the Aussie. The USD is up again today with the DXY +0.25%.
- The Aussie is flat against the kiwi at 1.0940 in thin volumes with NZ closed. AUDEUR is also trading sideways and is around 0.6410. AUDJPY is up 0.6% and is trading around 91.36 after reaching an intraday low of 90.96.
- Equity markets are mixed across the region but are tending to follow the US lower. The ASX is down 0.2%, the CSI -0.9% but the Nikkei is up 0.9%. S&P e-minis are down a further 0.3%, as stronger US data continue to weigh on risk sentiment. WTI oil prices are trading sideways and are around $73.50/bbl after Friday’s 3.5% drop. Concerns over China’s economic recovery continued to weigh on copper with prices down 0.2% and iron ore falling below $122/t.
- There is little scheduled later with January euro area retail sales the most significant release. Tomorrow’s RBA meeting is the focus of the week with a 25bp rate hike widely expected and an indication of the updated RBA forecasts likely in the accompanying statement.