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$ Underperforms On Weak Risk Appetite, GDP Coming Up

AUD

Aussie underperformed on Tuesday driven by equities and commodities. AUDUSD fell 0.6% to 0.6648 while the USD index rose only 0.1%. The pair reached a high of 0.6699 in the Asian session before trending lower to 0.6631.

  • The bull cycle started on April 19 remains intact and weakness still appears corrective. Initial support is at 0.6593, 50-day EMA, while the bull trigger is at 0.6714.
  • AUDJPY is down 1.4% to 102.92 after a low of 102.61. AUDNZD broke below 1.08 and is down 0.3% to 1.0765. AUDEUR is down 0.4% to 0.6111 and AUDGBP -0.3% to 0.5206.
  • Equities closed mixed with Euro stoxx down 1% but the S&P up 0.2% after falling in the first part of the session. Oil prices continued sliding with WTI down 1.8% to $72.92. Copper fell 2.7% and iron ore is lower at around $108/t.
  • Today Q1 GDP prints and is expected to rise 0.2% q/q. There are also final May reads for the Judo Bank composite/services PMIs.
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