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Chinese Data Tip Balance Against Riskier FX

Eyes On Cycle Highs


AUD/USD drawing support from the broader risk positive flows, feeding on the bid in e-minis and AUD/JPY demand to last trade 10 pips or so higher around the $0.7385 mark. Initial resistance now located at $0.7403, the cycle high registered on the back of Monday's USD -ve month-end flows.

  • On the news flow side Sino-Aussie tensions continue to bubble, whether that be via Chinese probes into Australian wine exports, Huawei pulling back on sponsorship in Australian sport or the detainment of an Australian journalist in China. Still, these tensions are seemingly having little impact on Aussie financial markets.
  • The RBA decision headlines the local docket today (no change expected, see our preview for more detail). Elsewhere, building approvals and the latest round of GDP partials will hit on Tuesday. Manufacturing PMIs and CoreLogic house price data have been and gone, with no tangible impact.
MNI London Bureau | +44 0203-865-3809 |