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Moving Away From Post-FOMC Highs

AUD

Wednesday was all about the Fed's monetary policy meeting, which wrapped up with a decision to deliver the expected 50bp rate hike and announce B/S normalisation process, with Chair Powell pouring cold water on 75bp rate-rise wagers for the meetings ahead. Subsequent greenback sales/risk-on flows pushed AUD/USD higher, with the pair drawing additional support from firmer crude oil prices.

  • AUD/USD has shed 19 pips this morning, moving away from post-FOMC highs, and last deals at $0.7241. A deeper pullback past May 2 low of $0.7030 would signal that bears are retaking control. Bulls look to a clearance of yesterday's high of $0.7266 before taking aim at the 50-EMA, which intersects at $0.7298.
  • Treasurer Frydenberg and his opposition counterpart Chalmers sparred over fiscal matters in a pre-election debate. They both dodged repeated questions about spending cuts and tax increases, suggesting that the RBA will need to do the heavy lifting when it comes to tackling rising inflation.
  • Monthly trade report & building approvals headline the local data docket today.
  • Looking further afield, the RBA will publish its Statement on Monetary Policy on Friday.
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