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Holding Above 70c On Equity Rally

AUD

Stronger equity markets drove an outperformance of the AUD on Monday. It topped the G10 and broke through 0.7000 during the US session and has held it. It started today at around 0.7028 after a high of 0.7040 earlier. The DXY is up slightly.

  • Aussie is up against the kiwi at 1.083 after starting the week trending down. AUDJPY is 1.7% higher and trading around 91.83. AUDEUR is up 0.7% to 0.6465 and AUDGBP +1% to 0.5678.
  • AUDUSD didn’t reach its January 18 high of 0.7063 on Monday and this remains initial resistance and the bull trigger. The 3-month uptrend is still in place. Initial support is at 0.6876, the 20-day EMA.
  • Equity markets are stronger with the S&P up 1.2%, the Nasdaq up 2.2% and the Eurostoxx +0.75%. The VIX was lower at 19.9%. WTI oil prices finished flat at $81.66/bbl after reaching a high of $82.64. Copper was slightly higher (+0.2%).Iron ore is trading around $125.50/t.
  • Today the Judo Bank preliminary PMIs for January print and the December NAB business survey is released. Given rate hikes and cost of living pressures, the PMIs could be down again in January. The employment and price components of the NAB survey will be closely watched.
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