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Retreat

AUD

Renewed greenback strength dragged AUD/USD lower Tuesday, as cash U.S. Tsy yields surged across the curve upon return from a local holiday. The pair slid through the $0.7200 mark to a one-week low, as rising oil prices failed to provide any respite.

  • Nothing of much substance out of the ongoing presser with PM Morrison, as he reminded that Australia's Omicron death rate is among the lowest in the world.
  • Westpac Consumer Confidence Index fell 2.0% M/M to 102.2 this month from 104.3 recorded in December.
  • Australian consumer inflation expectations & labour market data, both due Thursday, take focus during the remainder of this week.
  • AUD/USD changes hands at $0.7189, a touch higher on the day. A resumption of losses past Jan 11 low of $0.7155 would open up Jan 7 low of $0.7130, as the appearance of an evening star candlestick pattern between Dec 12 - 14 fuels bearish expectations. Bulls need a clearance of Jan 17 high of $0.7229 before targeting Jan 13 high of $0.7314.
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