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Aussie Crumbles On Hawkish Fed

AUD

The Aussie dollar was hart-hit by risk aversion, which took hold in the wake of Wednesday's hawkish monetary policy decision from the Fed. AUD/USD tumbled to its worst levels since Dec 6 as a result.

  • The rate has now stabilised and last operates at $0.7039, a touch higher on the day. Bears look for a fall through Dec 3, 2021/Nov 2, 2020 lows of $0.6993/91, which would clear the way to Jul 16, 2020 low of $0.6963. On the flip side, a move through Jan 7 low of $0.7130 would expose Jan 20 high of $0.7277.
  • Quarterly PPI data provides the only remaining point of note on the Australian docket today. Data highlights next week include retail sales (Tuesday) as well as trade balance & NAB Business Confidence (Thursday).
  • The RBA will deliver their monetary policy decision this coming Tuesday, with many expecting policymakers to call quits on the QE programme.
  • Later in the week, RBA Gov Lowe will speak at National Press Club (Wednesday), while the Reserve Bank will publish their quarterly SoMP (Friday).
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