Stronger CNY Fixing & Risk Appetite Drive A$ Higher Again

Aussie has taken a step up again on the back of the stronger-than-expected CNY fixing, which was slightly lower than Monday’s, and positive risk sentiment. AUDUSD rose to a high of 0.6555 following the announcement and is now up 0.1% at 0.6547. The USD index is slightly lower but off its intraday low.

• Aussie is 0.1% stronger against the yen at 99.08, close to the intraday high of 99.16. AUDNZD is slightly stronger at 1.0898 after breaking 1.09 twice during today’s session. Aussie is up 0.1% versus the euro and pound at 0.6039 and 0.5179 respectively.
• Westpac consumer confidence for March eased 1.8% to 84.4 after rising the previous three months with consumers remaining very pessimistic, particularly about the near-term economic outlook. The AUD looked through the data.
• Equities are generally higher with the Hang Seng up 0.8% and CSI 300 +0.4% but ASX slightly lower. The S&P e-mini is 0.2% higher. Oil prices continue to climb with WTI up 0.3% to $82.18/bbl. Copper is down 0.2% and iron ore $108-109/t.
• Later US February durable orders, January CoreLogic house prices, March consumer confidence and Richmond Fed indices print. ECB’s Lane speaks. Australian February CPI is out tomorrow.