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Aussie Finished Last Week Lower, China Data Coming Up

AUD

After trending higher over the week, AUDUSD took a breather on Friday to be down 0.8%. It is currently trading around 0.6834. The USD index rose 0.2% helped by the firmer Michigan consumer survey but couldn’t hold moves above 100.

  • Last week AUDUSD broke a number of key short-term resistance levels, which highlights a stronger bullish theme. Key resistance is now at 0.6900, June 16 high, and a break of this would open 0.6936, February 16 high. Initial support is 0.6784, July 13 low.
  • Aussie is down 0.4% versus kiwi at 1.0737. AUDJPY fell 0.3% to 94.82. AUDEUR is down 0.8% to 0.6088, off the early low of 0.6079, and AUDGBP -0.5% to 0.5218.
  • Equity markets were mixed but little changed on Friday with the S&P down 0.1%, FTSE -0.1% but Eurostoxx up 0.2%. VIX is lower at 13.3%. While oil finished the week higher, it was down sharply on Friday with Brent -2.1% to $79.26/bbl. LME metal prices rose 4.1% on the week but were down 0.2% on Friday. Iron ore is around $110/t.
  • There are no events in Australia today. The focus will be on the swathe of data from China including Q2 GDP, June IP and retail sales.
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