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$ Underperforms, Moving Towards 0.6650, Trade Coming Up

AUD

Aussie underperformed the G10 except SEK with AUDUSD down 0.6% and currently around 0.6655. It spiked higher to 0.6685 early in the NY session but trended down after that as the greenback strengthened driven by higher US yields. The USD index rose 0.3%.

  • AUDUSD broke below its 50- and 100-day moving averages again on Wednesday. The trend outlook remains bearish. Initial support and bear trigger is at 0.6596 and resistance at 0.6721.
  • Aussie is down 0.5% versus the yen at 96.21, above its intraday low of 96.06. AUDNZD has broken through 1.08 and is now at 1.0771. AUDEUR is down 0.4% to 0.6129 off the low of 0.6115, and AUDGBP -0.5% to 0.5238.
  • Equity markets were lower with the S&P down 0.2% and Eurostoxx -0.9%. VIX finished at 14.2%. Oil was stronger with WTI up 2.9% to $71.83/bbl. Copper is down 0.9% and iron ore is around $111/t.
  • Today trade data for May print. The surplus is expected to narrow slightly to $10.9bn.
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