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Hang Seng Rally Supporting A$


AUDUSD rose a couple of pips following data showing that wage growth remained strong in Q4 but was then driven by the US dollar. Most equity indices are lower but the A$ appears to have found support from the Hang Seng rally. AUDUSD has been moving in a tight range and is currently up 0.2% to 0.6560, close to the high. The USD index is little changed.

  • Aussie is moderately higher against other major currencies but not versus kiwi. AUDNZD is down 0.1% to 1.0612. AUDJPY is 0.1% higher at 98.37. AUDEUR is up 0.1% to 0.6065 and AUDGBP +0.1% to 0.5193.
  • Wages rose by 0.9% q/q in Q4 bringing the annual rate up 0.1pp to 4.2%, the fastest in almost 15 years and positive in real terms. The RBA is currently not concerned re wages but that depends on productivity improving.
  • Equities markets are generally weaker with the ASX down 0.6% and the CSI -0.15% but the Hang Seng is up 1.3%. The S&P e-mini is down 0.1%. Oil prices are off their intraday low with WTI up 0.3% to $77.27/bbl. Copper is down slightly and iron ore is around $120/t.
  • Later the Fed’s Bostic, Collins and Barkin speak plus the January Fed meeting minutes are published. The ECB’s Tuominen and Fernandez-Bollo, Bundesbank’s Nagel and BoE’s Dhingra appear.

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