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Heavy In Early Trade

AUD

The impact of Australia's strong labour market report for November was seemingly offset by another round of dovish guidance from RBA Gov Lowe, who said Thursday morning that cash rate hikes in 2022 are unlikely. AUD/USD climbed in Europe and trimmed those gains in U.S. hours as the greenback jumped into the driving seat. The USD finished the day as the worst G10 performer, AUD was second-worst.

  • AUD/USD has faltered in early Sydney trade, landing at $0.7172, down 11 pips on the day. Bears need a fall through Dec 14 low of $0.7090 before taking aim at Dec 3, 2021/Nov 2, 2020 lows of $0.6993/91. Meanwhile, should the rate clear Dec 16 high of $0.7224, bulls could target former channel base around the $0.7300 mark.
  • The Australian docket is fairly empty during the remainder of the year, the RBA will publish the minutes from their December monetary policy meeting next Tuesday.
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