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Steadies After Advance


The Aussie dollar caught a bid Monday, as PM Morrison announced the imminent re-opening of Australia's international border. Firmer iron ore prices & a record-breaking reading of Australia's ex-inflation retail sales likely provided further support to the AUD. Meanwhile, broader greenback weakness amplified tailwinds to AUD/USD, which charted a bullish inside candlestick.

  • The pair last operates at $0.7124, barely changed on the day. Topside technical focus falls on Feb 3 high of $0.7168 and a break here would clear the way to Jan 20 high of $0.7277. On the flip side, a fall under Feb 1 low of $0.7034 would bring Jan 28, 2022/Jul 16, 2020 lows of $0.6968/63 into play.
  • Australia's ANZ Weekly Consumer Confidence Index fell to 99.9 from 101.8, according to the latest report, meaning that the index is back into negative territory.
  • On the data front, focus turns to NAB Business Confidence (today), Westpac Consumer Confidence (Wednesday) & consumer inflation expectations (Thursday).
  • Elsewhere, RBA Gov Lowe will testify to lawmakers on Friday. His comments will be broadcast online.

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