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Refuses To Budge

AUD

AUD/USD sticking to its narrow range, shrugging off data both domestic and abroad and also ignoring moves in NZD/USD. AUD/USD last up 2 pips at 0.7298; resistance is seen at 0.7341 the Aug 17 high, support at 0.7222/7106 the low from Aug 27/Aug 20 and the bear trigger.

  • Local data was mixed, with private sector credit topping exp., building approvals missing and a slightly narrower than exp. Q2 BoP current a/c surplus observed alongside an as exp. net export contribution to GDP reading (-1.0ppt). AUD also looked through the previously flagged Chinese PMI readings where the non-manufacturing measure contracted for the first time since March 2020, as well as today's NSW COVID case count, which was a little shy of yesterday's record print.
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