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EUR/AUD at New Multiyear Highs on Soft CPI, Iron Ore

FOREX
  • The single currency trades well, leading the rest of G10 and pushing EUR/USD back toward the better levels of the Tuesday session to narrow the gap with first resistance of 1.1067. A break north of here eyes 1.1076 bull trigger and clears the way for the highest levels since April last year.
  • AUD makes up the bottom-end of the table, slipping against all others as several factors conspire against the currency. A softer-than-expected core inflation release (trimmed mean at 1.2% vs. Exp. 1.4% for Q1) argues against the RBA re-starting their tightening cycle and a seventh session of lower lows for iron ore further dampens the outlook.
  • EUR/AUD has rallied through 1.67 to the upside for the first time since October 2020, clearing the way for the 50% retracement for the 2020 - 2022 downleg at 1.7045.
  • Banking concerns have resurfaced, as renewed concern surrounding First Republic's plans to sell as much as $100bln in assets drove their shares lower still. Further regional banking earnings are due Wednesday, and will shed further light on systemic fragility.
  • Focus for the coming session turns to US trade balance data for March, as well as prelim March durable goods orders. The speakers slate is light, with just ECB's de Guindos & Herodotou on the docket ahead of the BoC minutes.
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