AUD: AUDUSD Higher As Risk Appetite Improves Despite Lack Of China Tariff Deal
AUDUSD fell to a low of 0.6171 following news that the US and China had not come to an agreement on tariffs. The pair then began to recover and continued through the rest of Tuesday’s trading to be up 0.5% to 0.6256, close to the intraday high, helped by improving risk appetite as markets relaxed on the tariff situation. President Trump doesn’t seem concerned by China’s retaliation and will speak to President Xi “at the right time”. The USD index fell 0.7%.
- AUDUSD maintains a bearish trend despite yesterday’s recovery. It found some support around 0.6200. Initial support is at 0.6088, February 3 low, while resistance is at 0.6263, January 31 high.
- AUDJPY is up 0.2% to 96.54 after falling to 95.58 following the China news. AUDNZD rose 0.1% to 1.1075. AUDEUR is 0.1% higher at 0.6026 after a low of 0.5997. AUDGBP is up 0.2% to 0.5013 following a trough of 0.4983.
- Equities generally rallied with the S&P up 0.7% and Euro stoxx +0.9% but the FTSE fell 0.2%. Brent was little changed at $76.00/bbl but WTI fell 0.8% to $72.57/bbl. Copper rose 1.4% and iron ore is higher at around $105.50/t.
- Final January S&P Global composite/services PMIs print. The preliminary and December data signalled slight growth in activity.
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AUD: AUDUSD Range Traded Friday But A$ Continues Underperforming
AUDUSD traded in a narrow range on Friday finishing up 0.2% to 0.6216 to underperform most of the G10 as concerns over China’s economy persisted. It reached a high of 0.6225 before falling to 0.6198 but the move below 62c didn’t last long. It is currently slightly higher at 0.6219. The USD index fell 0.1% driven by stronger US equities.
- The bearish trend in AUDUSD continues with moving average studies still in a bear-mode position. Initial support is at 0.6179, December 31 low, while resistance is at 0.6247, December 30 high.
- Aussie was weaker against Kiwi with the pair falling 0.1% to 1.1074, the intraday low, and has started today lower at 1.1069. It rose briefly above 1.11 in European trading.
- AUDJPY is 0.1% higher at 97.80 but range traded across Friday. AUDEUR fell 0.2% to 0.6031 and AUDGBP -0.1% to 0.5005 after a fleeting dip below 0.5000.
- Equities were mixed with the S&P up 1.3% but Euro stoxx down 0.4%. Oil prices were higher though with Brent up 1% to $76.51/bbl. Copper rose 1.3% and iron ore is around $99/t.
- Today final December S&P Global composite/services PMIs print with the highlights of the week November CPI on Wednesday and retail sales on Thursday.
ASIA: Coming Up In Asian Markets On Monday
| 0030GMT | 0830HKT | 1130AEDT | Singapore Dec S&P PMI |
| 0145GMT | 0945HKT | 1245AEDT | China Dec Caixin PMIs |
| 0330GMT | 1130HKT | 1430AEDT | Thailand Dec CPI |
| 0500GMT | 1300HKT | 1600AEDT | India Dec F HSBC PMIs |
ASIA: Coming Up In Asia Pac Markets On Monday
| 2200GMT | 0600HKT | 0900AEDT | Australia Dec F S&P PMIs |
| 0030GMT | 0830HKT | 1130AEDT | Japan Dec F Jibun Bank PMIs |
| 0145GMT | 0945HKT | 1245AEDT | China Dec Caixin PMIs |
