AUDUSD is trading higher today. The recovery threatens a recent bearish theme and price is trading above the 50-day EMA. For now, the move higher is considered corrective, however, a break of 0.6595, the Feb 22 high, would strengthen a bullish theme and signal scope for a continuation higher. This would open 0.6625, the Jan 30 high. On the downside, initial key support has been defined at 0.6478, the Mar 5 low. A break would be bearish.
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Gilt calls, range 98.18/98.22.
Some focus on the Equity open today, with VGH4 making multiple attempts over the past 5-6 sessions at the 4700.00 level, printed a 4698.00 so far today:
The uptick from yesterday’s worst levels in wider core global FI markets has a dovish feedthrough into SONIA, leaving futures flat to +5.0, as the late reds and greens lead the move higher.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
Mar-24 | 5.175 | -1.4 |
May-24 | 5.106 | -8.3 |
Jun-24 | 4.991 | -19.8 |
Aug-24 | 4.827 | -36.2 |
Sep-24 | 4.677 | -51.2 |
Nov-24 | 4.479 | -71.0 |
Dec-24 | 4.332 | -85.7 |