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Greenback Strength Drags AUD/USD To Multi-Week Lows

AUD

The White House's announcement that Pres Biden will nominate Jerome Powell to second term as Fed Chair put a bid into the greenback Monday, dragging AUD/USD into negative territory. The pair registered its worst levels since Oct 1 into the close, but it is worth noting that the AUD was among the best G10 performers, trailing only the USD & NOK.

  • Australia's ANZ weekly consumer confidence rose to 107.4 in the week through Nov 21 from 106.0 prior, "as the nation inched closer to normalcy, with Victoria easing all COVID restrictions for the fully vaccinated."
  • Preliminary readings of Markit PMIs showed that the economy is gaining steam, with headline indices moving further into expansionary territory.
  • Focus on the data front moves to completed construction work (Wednesday), private capex (Thursday) & retail sales (Friday). Elsewhere, comments are due from RBA's Kohler (today) & Bullock (Wednesday).
  • AUD/USD trades flat at $0.7225, with downside focus falling on Sep 29 low of $0.7170. A break here would bring Aug 20 low of $0.7106 into play. Conversely, a rebound above Nov 15 high of $0.7371 would turn focus to Nov 9 high of $0.7432.
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