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Aussie Ends Week Higher Vs US$, Recovery Seen As Corrective

AUD

AUDUSD dipped below 65c briefly following the higher-than-expected US PPI data but then rebounded to an intraday high of 0.6545. It finished Friday up 0.1% at 0.6532 and one of the better G10 performers. It has started the week around this level. The USD index was flat.

  • Despite higher-than-expected US CPI data earlier in the week, AUDUSD recovered to end the week up 0.1% but the bounce is still considered corrective, as the week’s low of 0.6443 reinforced the bearish theme. Initial resistance is at 0.6546 and support at 0.6443.
  • Aussie rose 0.3% against the yen to 98.10, just off the high of 98.26. AUDNZD trended lower through Friday after reaching a high of 1.0703 and is now down 0.3% to 1.0658. Aussie is slightly higher versus the euro and pound at 0.6059 and 0.5180.
  • Equity markets were mixed with the Euro stoxx up 0.5%, FTSE +1.5% but S&P down 0.4%. Oil prices were higher with Brent rising 0.9% to $83.47/bbl. LME metal prices rose 1.3% on Friday to be up 3.2% on the week. Iron ore is trading around $130-131/t.
  • There are no data or events today in Australia. The highlights of the week are Tuesday’s RBA minutes and Wednesday’s Q4 wages data.
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