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Earnings Drive Indices to Fresh Highs

AUSSIE: Thursday was a bearish inside day for AUD/USD. The pair was mildly bid
in Asia-Pac hours as participants grew more optimistic re: potential coronavirus
containment, welcomed China's decision to trim some levies on U.S. goods &
reacted positively to a better than forecast quarterly retail sales print out of
Oz. That said, the rate slipped into the European morning and after a brief
recovery attempt resumed its sell-off. A stronger DXY drove aided the decline.
- RBA Gov Lowe testifies to parliament at typing. His comments have been covered
in earlier bullets. Nothing to move the needle for AUD so far.
- AUD/USD sits at $0.6732, barely changed. A fall below $0.6700 would fix
bearish focus on the multi-month low of $0.6679, printed on Feb 4. Meantime,
bulls look for a break above the Jan 29 high of $0.6777 to clear the way to
(tentative) trendline resistance at $0.6796.
- The RBA will publish its most recent SoMP later today. On the Aussie docket
next week we have housing finance data and monthly NAB Biz. Confidence, due
Tuesday. RBA's Heath & Lowe will speak on Wednesday & Thursday respectively.
MNI London Bureau | +44 203-865-3806 |
MNI London Bureau | +44 203-865-3806 |