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FOREX: AUDUSD Extends losing Streak, UK Budget Keeps GBP in Focus

FOREX
  • Despite some intra-day volatility for US yields amid a mixed set of data releases, the curve remains close to unchanged levels on Tuesday. The USD index has held steady in sympathy, as markets await not only the advanced reading of US GDP tomorrow, but Friday’s release of the US employment report.
  • EURUSD tried lower, briefly reaching 1.0769, before reversing those losses back to 1,08 ahead of the APAC crossover. In similar vein, market participants are lacking conviction given the upcoming Eurozone inflation releases and the next week’s US election.
  • Both AUD and NZD are the poorest performers, keeping a string of losing sessions in lay. For AUDUSD, a bear cycle remains intact and the clearance of multiple supports has bolstered a bearish theme. The pair now targets 0.6490, the 76.4% retracement of the Aug 5 - Sep 30 bull leg.
  • GBPUSD has edged higher Tuesday to briefly breach the Monday and Friday highs at 1.3001 and 1.2999 respectively. Pre-setting and squaring ahead of the Wednesday budget may be responsible here - and further spot strength and a close above the 1.30 handle would expose 1.3067, the 50-day EMA, as the next upside target.
  • GBP strength in the crosses remains evident in EURGBP's brief show below the 0.83 handle today. The break lower in the cross is clearly meeting some support into the 0.8295 bear trigger, a level that could come into focus should tomorrow's Budget prove GBP positive - potentially via less aggressive BoE rate cut pricing as a result of sped-up infrastructure spending, or a less punitive shift in the tax regime.
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