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AUDUSD Trended Lower, PMIs Coming Up

AUD

Commodity currencies outperformed the rest of the G10 on Tuesday after underperforming on Monday boosted by headlines that China may implement a $278bn equity market support plan. AUDUSD broke through 66c a number of times but couldn’t sustain the move and is now up 0.1% to 0.6578. The pair reached a high of 0.6612 late in Asian trading and trended lower thereafter. The USD index rose 0.2%.

  • AUDUSD remains in a bearish trend with key support at 0.6526 and a break of this would open up 0.6500. Initial resistance is at 0.6635, 50-day EMA.
  • Aussie is slightly lower against kiwi but traded above 1.08 throughout Tuesday. It is currently around 1.0806. AUDJPY is 0.3% higher at 97.57. AUDEUR is up 0.4% to 0.6061 and AUDGBP +0.3% to 0.5183.
  • Equity markets were mixed with the S&P up 0.3% but the FTSE flat and the Euro stoxx down 0.3%. Oil prices were moderately lower with Brent down 0.4% to $79.74/bbl. Copper is up 1.1% and iron ore around $132/t.
  • Today the Judo Bank preliminary PMIs for January and the December Westpac leading index print. NZ Q4 CPI is coming up too and given the high correlation with Australia’s CPI due on January 31, it is worth monitoring.
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