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Pull Back In Risk During NY Trading Weighs On Aussie

AUD

The Aussie underperformed the G10 again on Wednesday after weaker-than-expected wages data and dampened risk appetite. AUDUSD is down 0.7% and currently trading around 0.6805 after taking another step down following the FOMC minutes. The USD index is up 0.4%.

  • AUDUSD is around new six-week lows. It broke through support of 0.6856 and then 0.6809, the February 22 low, and the next level to watch is 0.6781, 38.2% retracement of the October 13 – Feb 2 uptrend. The broader uptrend remains in place for now though and the bull trigger is at 0.7158, the February 2 high.
  • AUDNZD is down 1% to 1.0941 as both Australian wages data and the RBNZ worked against Aussie. AUDJPY is down 0.8% to 91.82. Aussie is down 0.3% against the euro to 0.6418 and 0.2% against the pound to 0.5650.
  • Equity markets were weaker with both the S&P and Eurostoxx down 0.2%. The VIX was lower at 22.3%. WTI fell 3.2% to $73.90/bbl on the hawkish Fed outlook and ample supply as Russian output remained stronger than expected. Copper prices were down 1.2% and iron ore is over $131/t.
  • Today Q4 private capital expenditure prints. At 16.15 AEDT RBA Deputy Governor Bullock and Deputy Head (FMI) Payments Policy Cagliani appear before the Parliamentary Joint Committee on Corporations and Financial Services.
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