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Post-CPI A$ Gains Unwound As AUDUSD Heads To 63c, Bullock Coming Up

AUD

Aussie was stronger following Wednesday’s higher-than-expected Q3 CPI release but then trended lower soon after and is now approaching 63c due to continued geopolitical tensions weighing on risk sentiment. It reached a high of 0.6400 and then in the US afternoon fell to a low of 0.6305. It is currently at 0.6310. The USD index is 0.3% higher.

  • AUDUSD is trading just above the week’s low of 0.6289 made on Monday. Yesterday’s pullback shows that any moves to the upside are corrective and that the underlying trend remains bearish. The bear trigger is at 0.6286. Initial resistance is 0.6419, 50-day EMA.
  • Aussie is down 0.6% against the yen to 94.73. AUDNZD is flat at 1.0873 after breaking above 1.09 to a high of 1.0915 following the Australian CPI data. AUDEUR is down 0.5% to 0.5971 and AUDGBP -0.3% to 0.5210.
  • Equity markets were mixed with the S&P down 1.4% but the Euro stoxx up 0.3% and the FTSE +0.3%. VIX is higher at 20.2%. Oil prices rose around 2% with Brent at $90.04/bbl. Copper is down 1% and iron ore is $117/t.
  • At 0900 AEDT RBA Governor Bullock and Assistant Governor Kent appear before the Senate Economics Committee. It can be viewed here. In terms of data, Q3 export and import prices are released.
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