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AUDUSD Weaker But A$ Rallies Versus Yen And Kiwi

AUD

Aussie was one of the weaker currencies in the G10 on Friday with AUDUSD declining to 0.6733. It is currently around 0.6728. The USD index finished 0.2% higher.

  • Despite Friday’s AUDUSD weakness, initial resistance remains at 0.6900 and a break of this would open 0.6936. Initial support is 0.6719, the 50-day EMA.
  • Aussie outperformed the yen and kiwi rising 0.4% to 95.37 and +0.3% to 1.0907 respectively. But underperformed European currencies with AUDEUR down 0.7% to 0.6046 and AUDGBP -0.7% to 0.5234.
  • Equity markets were mixed with the Eurostoxx up 0.4%, the S&P 500 flat and the DAX down 0.2%. Oil prices were stronger with WTI up 1.6% but it has started the week lower at $76.64/bbl. LME metal prices ended last week down 2.6% and iron ore is around $113/t.
  • Today the preliminary July Judo Bank PMIs print. The focus of the week will be Q2 CPI on July 26.
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