Free Trial

Initial Bid Evaporates

AUD

Firmer commodity complex underpinned AUD/USD in Monday's Sydney trade, but the rate failed to hold onto those early gains and retreated later in the day, as the greenback crept higher along U.S. Tsy yields.

  • The Aussie dollar has shown little reaction to local data releases. Australia ANZ job ads rose 8.4% M/M in February after slipping 0.7% the prior month. Meanwhile, ANZ/Roy Morgan's weekly gauge of consumer confidence returned above the neutral levels of 100.
  • Focus turns to NAB Business Confidence (Tuesday), Westpac Consumer Confidence (Wednesday) & consumer inflation expectations (Thursday). In addition, RBA Gov Lowe will speak on both Wednesday and Friday, while his Deputy Debelle will appear Wednesday.
  • AUD/USD last seen at $0.7322, a touch higher on the day. A clearance of yesterday's high of $0.7441 would allow bulls to take aim at Nov 2, 2021 high of $0.7532. Conversely, a fall through Jan 13 high of $0.7314, a recent breakout level, would give bears some reprieve.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.