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Support Holding Ahead of 0.6450 For Now

AUD

AUD/USD is finding some support ahead of 0.6450, bouncing ahead of this level immediately post the RBA and a couple of times afterwards. The currency last traded at 0.6475. Firmer equity sentiment is helping at the margin, while the USD is slightly softer against the majors. Commodities are higher, but don't appear to be a key driver of sentiment today.

  • Outside of the 0.6450 region, dips sub 0.6400 last week were supported. On the topside, 0.6530 and 0.6650 could be resistance points.
  • The A$ is down on crosses but away from earlier lows. AUD/NZD dipped under 1.1330, but we are now back to 1.1355/60. AUD/JPY is seeing some support ahead of 93.50 (last 93.75).
  • The AU-US 2yr spread -92bps, around -25bps wider for the session, although we did get as wide as -110/115bps immediately after the RBA decision.
  • Tomorrow's data calendar has final PMI readings for September, following by August trade figures the next day.
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