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Firms Off Session Lows After Pressure In Europe

AUD

AUD/USD prints at $0.6640/45, the pair was ~0.5% softer yesterday.

  • The greenback was on the front foot through the European session as odds of another 25bp rate hike by the Federal Reserve increased to 80% and a rally in USD/JPY spilled over into wider USD strength. AUD/USD was pressured printing its lowest level since March 24.
  • Support was seen at $0.6620, a recovery off session lows in US Equities boosted risk sentiment and the AUD/USD firmed into the close.
  • Bears look to target 2023 lows at $0.6565. Bulls first look to break the 20-Day EMA ($0.6692) to turn the tide.
  • Cross asset flows were mixed; DXY was up ~0.5% and S&P500 finished a touch firmer. 10 Year US Treasury Yields were ~2bps firmer. Iron Ore futures rose ~1.3%, and Copper futures fell ~1%.
  • On the wires this morning we have April Westpac Consumer Confidence and March NAB Business Survey.
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