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AUD: Tests 0.6300 Resistance Around Recent Highs, Firmer Equities Help

AUD
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AUD/USD tracks near 0.6285 in early Friday dealings, not too far from intra-session highs of 0.6300 from Thursday's session. AUD/USD was up around 0.20% for Thursday's session, as most G10 currencies rose against the USD. Aggregate moves weren't large, the BBDXY down around 0.15% to 1301.80. Yen modestly outperformed, up 0.35%. 

  • The A$ technical backdrop still leaves recent gains as corrective. Upside focus could rest on the 50-day EMA (0.6329). On the downside, 0.6165/31 Low Jan 17 / 13 and the bear trigger are in focus.  
  • The USD spiked as US President Trump spoke to World Economic Forum via video link, but we quickly reversed. Trump also spoke to reporters at the White House, noting that interest rates should come down with lower oil prices (although his language was more forceful than that used before the election around the Fed). Trump added today that he would speak to Fed Chair Powell at the right time (BBG).
  • US yields are mixed for Thursday's session, slightly softer at the front end, but firmer at the back end, with the 10yr Tsy back above 4.64%. US equity sentiment remained on the front foot, albeit with less tech outperformance compared to recent sessions. The SPX rose 0.53%, while EU equities were also higher. This aided A$ sentiment from a risk standpoint.
  • In the commodity space, the headline BBG index was down 0.12%, but is close to flat this past week. The metals index eased 0.23%, down for the third straight session.
  • On the data calendar today we have the January preliminary PMI readings from S&P.  
  • In the FX option expiry space note the following for NY cut later today: $0.6200-05(A$1.8bln), $0.6260(A$695mln), $0.6300(A$1.1bln). 
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AUD/USD tracks near 0.6285 in early Friday dealings, not too far from intra-session highs of 0.6300 from Thursday's session. AUD/USD was up around 0.20% for Thursday's session, as most G10 currencies rose against the USD. Aggregate moves weren't large, the BBDXY down around 0.15% to 1301.80. Yen modestly outperformed, up 0.35%. 

  • The A$ technical backdrop still leaves recent gains as corrective. Upside focus could rest on the 50-day EMA (0.6329). On the downside, 0.6165/31 Low Jan 17 / 13 and the bear trigger are in focus.  
  • The USD spiked as US President Trump spoke to World Economic Forum via video link, but we quickly reversed. Trump also spoke to reporters at the White House, noting that interest rates should come down with lower oil prices (although his language was more forceful than that used before the election around the Fed). Trump added today that he would speak to Fed Chair Powell at the right time (BBG).
  • US yields are mixed for Thursday's session, slightly softer at the front end, but firmer at the back end, with the 10yr Tsy back above 4.64%. US equity sentiment remained on the front foot, albeit with less tech outperformance compared to recent sessions. The SPX rose 0.53%, while EU equities were also higher. This aided A$ sentiment from a risk standpoint.
  • In the commodity space, the headline BBG index was down 0.12%, but is close to flat this past week. The metals index eased 0.23%, down for the third straight session.
  • On the data calendar today we have the January preliminary PMI readings from S&P.  
  • In the FX option expiry space note the following for NY cut later today: $0.6200-05(A$1.8bln), $0.6260(A$695mln), $0.6300(A$1.1bln).