Risk-on backdrop continues to drive broader AUD upturn

OFX Daily Market News

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AUD – Australian Dollar

The Australian dollar crept higher through trade on Thursday, buoyed by a sustained risk-on backdrop and broad US dollar weakness. The rally across equity markets continued as the global economy continues to respond positively to increased activity and mobility as lockdown measures ease. The AUD found further support after the Peoples Bank of China arrested the Yuan’s collapse, fixing the currency near record lows. Increased trade tensions have forced investors to dump the offshore CNY on speculation Beijing would let the currency weaken in a bid to sure up exports amid mounting tariffs. With Chinese state-run banks selling USD through the later half of the Australasian session the Yuan stabilised helping cap AUD downside in the short-term. Having touched intraday day lows at 0.6587 the AUD pushed through resistance at 0.6630 to touch 0.6667, before edging lower into this morning’s open.

The Australian dollar remains vulnerable to the ongoing uncertainties surrounding trade and the global economic recovery with topside gains increasingly hard won. However, having broken resistance at 0.66 and 0.6630 there is scope for further short-term upside. If optimism continues to foster sustained demand for equities, the AUD’s close correlation with equity markets could prompt a run through 0.67.

Key Movers

Safe havens were again the days big losers as the risk-on backdrop prompted investors to chase higher yields. The USD index fell half a percent, slipping below its 100-day moving average and marking a new two month low. Having broken key supports this week, sustained optimism could add further downward pressure as focus begins to shift to underlying macroeconomic performance and monetary policy.

The euro consolidated its break above 1.10, touching two-month highs as investors’ confidence that EU leaders will introduce extensive fiscal support in the coming months improved. This weeks 750billion euro proposal has helped narrow bond yield spreads for Italian and Spanish bonds as markets prepare for extensive stimulus programs through H2. While the current proposal is yet to be approved by all 27 EU countries, the current plan at least offers a starting point for joint debt negotiations.

Expected Ranges

AUD/USD: 0.6480 – 0.6680 ▲

AUD/EUR: 0.5930 – 0.6050 ▼

GBP/AUD: 1.8450 – 1.8930 ▲

AUD/NZD: 1.0620 – 1.0750 ▼

AUD/CAD: 0.9050 – 0.9180 ▲


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Chinese trade tensions know AUD off multi-month highs

OFX Daily Market News

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AUD – Australian Dollar

The Australian dollar fell through trade on Wednesday, slipping off multi-month highs at 0.6680 amid increasing Chinese trade uncertainty. Having pushed back through 0.6650 for the first time since March’s unprecedented price action the AUD plunged lower, loosing over a cent in overnight trade, falling through 0.66 to touch 0.6570. Reports China will begin promoting the use of domestic coal reserves and tightening import rules on shipments coming in from Australia forced investors to correct the recent upturn, taking profit at 0.6680. China’s National Development and Reform Commission have reportedly instructed five of China’s largest state-owned utilities companies to stop buying Australian coal, a devastating hit to one our key exports. The announcement follows restrictions already placed on meat and barley exports and adds further uncertainty as to the state of our most valuable trading relationship.

Increasing trade tensions are weighing on AUD upside as optimism across global markets fuels demand for risk. Having broken through resistance at 0.6570 and 0.6620 there is scope for a sustained upturn assuming tensions with China do not continue to escalate.  Attentions today remain with the ongoing developments in trade relations and broader risk sentiment. Watch support at 0.6530 and resistance on moves approaching 0.67.

Key Movers

The Euro rallied through trade on Wednesday, buoyed by reports the EU commission has proposed a revised 750billion Euro recovery fund. In its current format the recovery fund would make up to 500billion Euro available in grants and 250 billion available in loans, limiting joint debt obligations ins a bid to appease northern states opposed to propping up their embattled southern partners. Spain and Italy are said to be the big benefactors under the current scheme. Both countries have been devastated by the impacts of COVID 19 and would be due 80 billion in grants and further loan assistance. The Euro rallied through 1.10 to touch 1.1030 before edging back toward 1.0990/1.10. The proposed plan is far from a done deal with Austria, Denmark, Sweden and the Netherlands still opposed to such an extensive grant program. EU leaders from the so called frugal four hinted the current plan was unacceptable, but acknowledge it proffered a promising starting point for further negotiations. EU leaders next meet on June 19. Despite the short term uptick the Euro remains under mounting pressure as fiscal support lags that of other major economies. ECB president Christine Lagarde lamented the pace of current negotiations, claiming fiscal support was crucial in propping up the EU economy. With the ECB expecting the European economy to fall as much as 12% through 2020, joint debt and fiscal support is critical.

The JPY and CHF both fell as investors look past trade tensions as hopes of a quick rebound in economic activity continue to drive direction. With initial indicators suggesting a positive uptick in activity across major economies attentions remain affixed to any hint a second wave of infections will derail a H2 recovery, while increasing trade uncertainties between the US and China amid renewed concerns over Hong Kong’s proposed security laws have dampened the risk rally, softening the impact on haven currencies. The offshore Yuan fell further against the USD edging ever nearer 7.20 as the impacts of tariffs and trade weigh on the currency.

The Great British Pound retreated through Wednesday as the prospect of negative interest rates and declining optimism a Brexit deal will be reached before the end of the year weighed on the currency. Having fallen back below 1.23 there is little to suggest Sterling will enjoy any long-term upturn in the sort or medium term. Covid19 lockdowns are expected to remain in place for some time yet as the UK still struggles to grapple with the devastating impacts of this unprecedented health pandemic.

Expected Ranges

AUD/USD: 0.6480 – 0.6680 ▼

AUD/EUR: 0.5950 – 0.6050 ▼

GBP/AUD: 1.8380 – 1.8680 ▲

AUD/NZD: 1.0620 – 1.0780 ▼

AUD/CAD: 0.9020 – 0.9180 ▼


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The Greenback falls after weak employment, housing, and growth numbers.

OFX Daily Market News

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USD – United States Dollar

The US dollar has had a mixed start today against G10 majors after China passed a National Security Law for Hong Kong. However, at the time of this writing, the US dollar is only beating the Canadian dollar by 0.1 percent. As the economy re-opens, initial jobless claims are beginning to fall faster than the prior weeks. Initial jobless claims dropped to 2.12 million for the week of May 23rd versus the expected 2.1 million (note that the “actual” being less than the “forecast” is usually good for the US dollar). There are doubts that there is more hiring, but jobless claims might not include the people claiming the Pandemic Unemployment Assistance, as these individuals are not eligible for regular or extended unemployment benefits.

Additional economic data releases include the second revision of US GDP, which showed that the economy is now expected to contract at an annualized -5 percent in the January – March period versus the expected number of -4.8 percent. Also, Durable Goods Orders contracted 17.2 percent during April and Core Orders dropped 7.4 percent; both prints surpassed the previous forecasts. Finally, the U.S. pending home sales index fell by the most on record since 2001. This is an index of contract signings for purchases of previously owned US homes, which collapsed to a record low in April as Covid-19 lockdowns decreased prospective buyers.

Covid-19 has continued to damage the U.S. economy in recent weeks with business closures along with the US reaching the horrible milestone of 100,000 deaths from the coronavirus, the highest number in the world. However, Anthony Fauci said there’s a “good chance” a vaccine may be deployable by November or December.

Key Movers

The Euro holds above the 1.1000 handle against the Greenback after poor economic data in the US and despite US congress voting to authorize sanctions against Chinese officials for human rights abuses against Muslim minorities on Wednesday. US congress and the White House increased pressure on the government in Beijing amid rising tensions between US and China.

The RBA’s chief in Australia said the economy is doing better than it had initially thought, but it warned against withdrawing stimulus prematurely.

In general, higher inflation poses a risk to G10 economies as stimulus continues to come at full force and policy rates flirt with negative levels. For example, in the US, deflationary forces will dominate as the impact of Covid-19 continues in the short-term. Also, the ECB is concerned that lingering weakness in demand could create downside risks to inflation over the next few years.

Expected Ranges

USD/CAD: 1.3728 – 1.3820 ▼

EUR/USD: 1.0961 – 1.1069 ▼

GBP/USD: 1.2186 – 1.2363 ▼

AUD/USD: 0.6574 – 0.6679 ▼

NZD/USD: 0.6159 – 0.6229 ▼


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Aussie touches 11 week high amid broad based USD weakness

OFX Daily Market News

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AUD – Australian Dollar

With increased optimism filtering through the markets on Tuesday, the Australian dollar rallied to three-month highs against the world’s base currency. With the bulk of the gains coming during the North American session, the pair rose from 0.6580 to touch 0.6675. Investors are seemingly encouraged by increasing signs of economic recovery as restrictions continue to be lifted and economies are being reopened. This optimism has for now offset concerns of further escalations in the US-China tensions. Interestingly, the AUD/NZD cross fell from 1.0730 to 1.0690 as the kiwi outperformed.

On the domestic docket for today we have Q1 construction data, which is tipped to be dampened by massive disruption courtesy of the bushfires and the coronavirus pandemic. Although risks are skewed to the downside, it is not expected to be a market mover. New Zealand’s central bank will also be publishing its bi-annual financial stability report with traders keen to get a read on how the financial system is responding to the crisis. Later in the day we will have some industrial profits data out of China which is also expected to print on the softer side after a 34.9% contraction in March. Finally, overnight we will get some commentary from FOMC’s Bullard and Bostic as well as the Richmond fed index and federal reserve beige book.

With a lack of domestic impetus heading into today’s session, we look for the Aussie to continue to trade on global risk sentiment. Currently, trading above previous resistance at 0.6650, a sustained hold above this handle will open up the possibility of a run towards 0.6700 and 0.6780 however on the downside, the pair remains vulnerable with weak support at 0.6600 before 0.6550.

Key Movers

With risk sentiment markedly higher amid growing signs of economic recovery from the COVID-19 crisis, commodity currencies, global equities and bond yields all outperformed on Tuesday. The S&P 500 rallied through the 3000 level to finish up 1.2% on the day, crystallising a three-month high in the process. This saw the defensive USD come under selling pressure, allowing EUR/USD to rise from 1.0920 to 1.0996 and kept USD/CAD on the back foot near its lowest level in 11 weeks.

The CAD was also aided by rises in commodities. Brent crude oil futures were up 1% to 35.90 with copper also rising 1.2%. Gold fell 1.3% on the day, consistent with the risk-on sentiment. The Broad based USD weakness also allowed the GBP to soar as rumours circulated that suggested progress was being made in Brexit talks. GBP/USD rallied to touch key resistance levels around 1.2363 on the day, with traders eyeing next Mondays round of Brexit talks.

Looking ahead to a pretty quiet day on the macroeconomic data front, centre stage will be occupied by a discussion by the Fed’s Bullard on the economy as well as the release of the US Fed’s Beige book. In the Asian session second tier data out of Australia and China will be of passing interest.

Expected Ranges

AUD/USD: 0.6537 – 0.6700 ▲

AUD/EUR: 0.5995 – 0.6075 ▲

GBP/AUD: 1.8490 – 1.8650 ▼

AUD/NZD: 1.0680 – 1.0750 ▼

AUD/CAD: 0.9140 – 0.9205 ▲


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The Greenback gets a boost as the U.S. government says Hong Kong is no longer politically autonomous from China.

OFX Daily Market News

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USD – United States Dollar

The U.S. dollar index bounces by around 0.18 percent and the U.S. dollar increases by 0.05 percent versus the Euro as the U.S. says that Hong Kong is no longer politically autonomous from China. This move could have important consequences on the special trading status of the former British colony with the U.S.; Secretary of State Michael Pompeo said that, “…no reasonable person can assert today that Hong Kong maintains a high degree of autonomy from China, given facts on the ground.” This situation is increasing the tension that has weighed down the Aussie dollar, Kiwi dollar, and Canadian dollar all week. The headlines in Hong Kong and Taiwan are beginning to positively affect the U.S. dollar, so it might prevail with its safe haven status.

Tomorrow, jobless claims should continue to trend down, but the pace of declines has been slow. There are some signs of small businesses rehiring as the economy gradually reopens.

Key Movers

European Union officials boosted the Euro against the U.S. dollar, but it was short lived. They are proposing a €725-billion Covid-19 relief fund, which is a fiscal stimulus package composed of loans and grants (and larger than the French-German proposal). There is still a lot of work ahead, as the plan needs the unanimous agreement of all 27 EU members. So far, Denmark, Sweden, Austria and the Netherlands don’t agree with the plan. ECB President Christine Lagarde previously warned that the EU Gross Domestic Product would fall by about 8 to 12 percent in 2020. If this plan were implemented, this fund would be massive and not only support the European recovery, but it would also demonstrate solidarity. This plan is called, “Next Generation EU,” and it is very ambitious because it plans to borrow €750bn from the markets with plans to repay within a three-decade window from 2028 to 2058 through the EU budget. The EU would pay it back by raising its own resources through taxing large corporations, emission trading schemes, and a carbon border adjustment mechanism.

Expected Ranges

USD/CAD: 1.3737 – 1.3851 ▲

EUR/USD: 1.0933 – 1.1000 ▼

GBP/USD: 1.2186 – 1.2295 ▼

AUD/USD: 0.6508 – 0.6614 ▼

NZD/USD: 0.6077 – 0.6192 ▼


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Australian Dollar range bound in quiet start to the week

OFX Daily Market News

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AUD – Australian Dollar

In the context of recent volatility, the Australian dollar remained relatively range bound through trade on Monday, bouncing between support at 0.6520 and resistance at 0.6550. Markets remained largely muted to start the week as both the US and UK enjoyed extended weekends, while headline newsflows were, in the whole, absent. The AUD appeared vulnerable following the escalation of protests in Hong Kong through the end of last week and as protests continued through the weekend, investors prepared risk off moves ahead of updates from China’s Foreign Ministry Commissioner in Hong Kong. Xie Feng announced the changing security laws will not interfere with the one country, two systems policy, confirming Hong Kong will maintain its legal and judicial powers. While there are still a lot of unanswered questions the statement was enough to assuage investor fears.

The Australian Dollar has enjoyed a sustained run above 0.65 US cents, buoyed by improving optimism and the opening of the global economy. Having temporarily pushed through 0.66 on Thursday last week the currency has slipped back below resistance at 0.655/0.6570. Risk continues to dominate direction as the prospect of a second wave in Coronavirus infections still looms large. With economies beginning to build momentum a second shut down would all but extinguish hopes of a H2 recovery.

Watch resistance on moves approaching 0.66 with short to medium term forecasts biased to the downside.

Key Movers

Price action remained muted through trade on Monday as the US and UK enjoyed long weekends. With volumes low and liquidity thin investors chose to sit on the sidelines through much of the day, squaring positions ahead of what promises to be a busy week ahead for policymakers, especially within the EU. The Euro steadied near 1.09, bouncing between 1.0870 and 1.0910 as markets eagerly await further detail surrounding the EU recovery fund. France and Germany are set to put forth their 500 billion Euro proposal to the EU commission on Wednesday with resistance from Northern States expected to hamper negotiations. Austria, Denmark, The Netherlands and Sweden are pushing for a loan-based system, balking at the idea of issuing grants to those economies hit hardest by the pandemic. Arguments surrounding joint debt obligations have intensified in recent weeks dividing Europe and threatening the longevity of the common currency. We expect the Franco-German proposal will not obtain majority approval with leaders forced back to the drawing board and the Euro pushed back toward 1.08/1.0750. A surprise approval will be Euro positive and could see the common unit test highs above 1.10.

Expected Ranges

AUD/USD: 0.6380 – 0.6620 ▼

AUD/EUR: 0.5920 – 0.6050 ▲

GBP/AUD: 1.8480 – 1.8720 ▼

AUD/NZD: 1.0680 – 1.0780 ▲

AUD/CAD: 0.9080 – 0.9220 ▼


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Aussie retreats amid heightened tensions in a risk-off environment

OFX Daily Market News

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AUD – Australian Dollar

The Australian Dollar showed some resilience first half of last week and traders began to think the Aussie might just break out to the upside. Unfortunately selling pressure on the back of tensions between the US and China created a more risk averse mood dragging the AUD/USD with it. Friday’s day of trade wasn’t any different, in the absence of local economic data we saw an open at 0.6560, a high of 0.6572 in the early Asian session and then a pull lower late on Friday night to 0.6505.

Given the rising tension between Trump and China, the Aussie is vulnerable and overly sensitive to economic movement. Not only is the Australian dollar risk sensitive, it is also considered a proxy for China, its largest trading partner. Looking ahead there are no scheduled releases locally today, in fact it’s a quiet day all round with the US and UK observing bank holidays. From a technical viewpoint, support is situated at 0.6494 which marks the 100DMA, a break below next line of support sits at 0.6450. On the top side first line of resistance awaits at 0.6600 followed by 0.6660.

Key Movers

On Friday, the Bank of Japan announced that it will extend the term of loans for the lending scheme aimed at combating the coronavirus fallout to 6 months from 3 months. However, the BoJ kept its policy unchanged at -0.1% as expected. The BoJ Governor noted that the economic recovery would likely be a “V” shaped recovery. The USD/JPY rate was little changed and is bouncing around 107.57.

After a strong start early last week, the GBP/USD exchange rate has reversed lower following weak Retail Sales numbers. Figures from the Office for National Statistics reported an 18.1% drop in sales for the month of April vs an expected 15.8% which dragged the pair down towards 1.2160. Further to this, the sterling is weighed by a stronger Greenback which is benefiting from a decline in risk sentiment.

Meanwhile, the ECB’s Monetary Policy Meeting Accounts showed that the Governing Council could adjust the Pandemic Emergency Purchase Programme (PEPP) and other tools at the June meeting. The bank is “fully prepared” to step up its bond-buying programme to support the eurozone economy, which is heading for its worst postwar recession, by adding at least an extra €500bn to its asset-purchase plans at its next monetary policy meeting on June 4. EUR/USD is buying 1.0898.

Expected Ranges

AUD/USD: 0.6450 – 0.6600 ▼

AUD/EUR: 0.5940 – 0.6040 ▼

GBP/AUD: 1.8410 – 1.8970 ▼

AUD/NZD: 1.0620 – 1.0780 ▼

AUD/CAD: 0.9060 – 0.9220 ▼


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Aussie fails to break 0.66, is the upturn nearing the end?

OFX Daily Market News

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AUD – Australian Dollar

The Australian dollar fell through trade on Thursday, giving up recent highs following a shift in risk sentiment. Having pushed through resistance at 0.6570, the AUD failed to extend gains beyond 0.66 and drifted lower as US-China tensions weighed on equity markets, souring demand for risk and forcing investors to adopt a cautious tone. Trump vilified China over its handling of the coronavirus, lashing out and suggesting their incompetence in managing the outbreak is the only reason the virus has spread so prolifically. In the same breath he denounced China’s new national security laws for Hong Kong, laws that could spark a fresh round of protests, suggesting the US will respond “very strongly” if the laws are enacted. In response China promised to safeguard its sovereignty and would retaliate if the US seeks to escalate tensions. The war of words has taken an alarming shift in recent weeks forcing investors to take stock as fears a renewed trade war will weigh on any short-term economic rebound. The AUD slipped back below 0.6450, touching 0.6447 before creeping marginally higher into this morning’s open.

The AUD has enjoyed a series of higher highs and higher lows this week bolstered by the increased optimism and opening of the broader global economy. Having failed to break above 0.66 US cents, topside gains will continue to be hard won, as risk sentiment continues to dominate direction and the H2 outlook softens. Watch resistance on moves approaching 0.66 with support well formed at 0.6430 and 0.6380 for now. With sentiment vulnerable to rapid corrections and the outlook into 2021 souring, the AUD will likely drift lower in the medium term holding above 0.60 but shifting back toward 0.62 by the end of June.

Key Movers

The US dollar advanced through trade on Thursday as escalating US China trade tensions prompted investors to adopt a more cautious tone as risk sentiment faltered. Despite another alarming uptick in unemployment claim filings, the USD found support as the impact of the global lockdown weighed on investors.

The Euro drifted back toward 1.0950 as optimism surrounding the Franco-German recovery fund proposal faded. Having jumped nearly 2% following the announcement earlier this week the combined unit struggled to maintain its momentum as fears US- China tensions will derail a short-term economic recovery. French, German and EU area services and manufacturing reports despite surpassing expectations, remain well below the level of expansion prompting investors to take stock and assess the broader impacts of the lockdown.

Attentions now turn to ECB policy meeting accounts for direction through trade on Friday. Investors will be keenly attuned to see if the ECB has amended its policy outlook following the German high court ruling earlier this month.

Expected Ranges

AUD/USD: 0.6430 – 0.6600 ▼

AUD/EUR: 0.5950 – 0.6050 ▼

GBP/AUD: 1.8380 – 1.8930 ▲

AUD/NZD: 1.0680 – 1.0780 ▼

AUD/CAD: 09080 – 0.9230 ▼


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The Greenback rose as a safe haven after relations between the U.S. and China have deteriorated over Hong Kong.

OFX Daily Market News

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USD – United States Dollar

The U.S. dollar has advances 0.42 percent versus a basket of majors currencies, and it has gained 0.53 versus the Euro. The U.S. is considering economic penalties for China in relation to their plan to enact sweeping national security legislation in Hong Kong. White House economic aide Kevin Hassett said on CNN, “We’re absolutely not going to give China a pass. All the options are on the table .. If Hong Kong stops being Hong Kong, the open place it is, then it is no longer going to be the financial center that it is … and that’s going to be very costly to China and the people of Hong Kong. So, yeah, I think it is a very difficult, scary move and that it is something that people need to pay close attention to.”

Covid-19 continued to take jobs in every US state in April. The largest deterioration in the labour market occurred in Michigan, Vermont, and New York. In Michigan, payrolls have plummeted by 22.8 percent (a little over 1 million) to to 3.4 million since the prior month. Meanwhile, the unemployment rate jumped to 14.7 percent, the highest in government records dating back to the 1940s. The unemployment rates in 43 states were the highest on records dating back to 1976. The jobless rates in Nevada and Hawaii exceeded their previous records by more than 10 percentage points each.

Key Movers

Canada’s March retail sales, as expected, showed a sharp decline in most retail categories, though sales excluding the auto component were a beat. The Canadian dollar stayed lower versus the Mexican Peso and versus the Pound by 0.16 percent.

Crude oil also was under pressure when the U.S. Oil Fund said it is unable to buy more oil futures following intervention by regulators. The constraints are a flag that the fund has been pressured to limit its size after growing rapidly during the oil price crash.

In overnight trading, New Zealand announced some new stimulus spending after retail sales fell to -0.7 percent versus the previous month’s 0 percent.

Japan held an emergency meeting to deliver its monetary policy statement, launching a new lending program to support small businesses, but it did not commit to major stimulus.

UK Retail Sales shows no signs of recovery just yet with the latest figure coming in at -18.1 percent.

Expected Ranges

USD/CAD: 1.4000 – 1.4036 ▼

EUR/USD: 1.0863 – 1.0922 ▼

GBP/USD: 1.2161 – 1.2214 ▼

AUD/USD: 0.6484 – 0.6535 ▼

NZD/USD: 0.6068 – 0.6102 ▼


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Aussie continues rise on global recovery hopes

OFX Daily Market News

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AUD – Australian Dollar

The Australian dollar jumped to multi week highs on Wednesday as risk appetite continued to improve. AUD/USD continued its weekly ascent to touch highs of 0.6616 on investors hopes that the global economy may be starting to show signs of recovery. The strong moves represent the first time the pair has traded above 0.6570 since early March.

As we have been saying for months, the Australian dollar has continued to trade in line with global risk sentiment and by association has been highly correlated with global equities. This saw traders ignoring Wednesday’s record fall in monthly retail sales with the AUD benefiting from a subdued greenback and a solid pickup in the S&P500. A continuation of heightening risk appetite will continue to weigh on safe haven currencies such as the USD and JPY and should underpin demand for risk currencies such as AUD and NZD.

Looking ahead to todays session, we will hear from RBA governor Lowe and Deputy governor Debelle during Australian trade before a raft of secondary data due out of the USA. Heading into the session we see downside supports for AUD/USD around the 0.6500 level before the may 15 low of 0.6400. On the topside, sustained trading above key psychological resistance of 0.6600 is needed to open up moves to March 9 highs of 0.6665.

Key Movers

As we touched on above, safe haven currencies remained under selling pressure overnight as global equity indices rose on improved risk appetite. The greenback fell across the board, losing 0.6% against the EUR, 0.9% against the Australian Dollar and 1.2% against the Kiwi. There was a distinct lack of COVID 19 related news to guide market direction, with the US Federal reserve minutes garnering the most attention from traders.

The minutes from US policymakers touched on more explicit guidance and agreed that cash rates should stay low for a longer period. Most notably, there was no commentary regarding negative rates.

The Sterling was among the worst performers on the day, GBP/USD falling 0.2% to around 1.2220 as UK inflation data fell to its lowest level in three years. The Pound was subsequently under pressure as speculation mounted that the Bank of England could consider negative rates as well as a deeper stimulus response.

Expected Ranges

AUD/USD: 0.6402 – 0.6620 ▲

AUD/EUR: 0.5966 – 0.6065 ▲

GBP/AUD: 1.8512 – 1.8670 ▼

AUD/NZD: 1.0710 – 1.0760 ▼

AUD/CAD: 0.9105 – 0.9210 ▲


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