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Equities Weigh On A$ But Bull Cycle Intact

AUD

Aussie was one of the underperformers in the G10 on Monday as softer equities drove a stronger US dollar. AUDUSD fell 0.3% to 0.6772 after a low of 0.6767. It is currently around 0.6772. The USD index is up 0.3%.

  • The AUDUSD bull cycle remains in place. The break above 0.6693 has opened key resistance at 0.6799, which so far the pair has been unable to breach. Initial support is at 0.6697, August 22 low.
  • AUDJPY is down 0.4% to 97.77 after a high of 98.05, as the yen was an outperformer. AUDNZD rose 0.1% to 1.0910 off the intraday high of 1.0923. AUDEUR is 0.1% lower at 0.6066 and AUDGBP down 0.2% to 0.5135.
  • Equities were moderately lower with the S&P down 0.3% and Euro stoxx -0.3%. Oil rose sharply with Brent 3.1% higher at $81.43/bbl. Copper is up 0.2% and iron ore has returned to around $100/t.
  • There are no data or events in Australia today. Tomorrow July CPI data are released.
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