AUSSIE BONDS: Cheaper, Wages Hit Forecast , Limited Impact Ahead Of Jobs Data

The AUD/USD has had a range today of 0.6669 - 0.6695 in the Asia- Pac session, it is currently trading around {AUDUSD Curncy}. The AUD/USD is bouncing off its support toward 0.6650 again as the USD comes under pressure to start the week. The AUD price action remains constructive but its inability to gain any momentum above 0.6700 would be disconcerting for bulls. Technically while the AUD remains above 0.6600 dips should continue to find support on dips. On the day, the short-term range looks to be 0.6650-0.6730 a break either side and we could see some sort of an extension.

• MNI AU - Gauge Signals Inflation Uptrend, Q4 CPI 28 January: The Melbourne Institute inflation gauge for December picked up to 3.5% from November's 3.2% posting at 1.0% m/m increase. This was the sharpest monthly increase in two years bringing the annual rate to its highest since April 2024 but the series continues to be impacted by the timing of government electricity rebates. 
• CFTC Data last week shows Asset managers slightly increased their shorts, -33392(Last -31901). The Leveraged community has been building a decent long coming into the new year but pared this pack last week, +26697(Last +33775).
• Options : Closest significant option expiries for NY cut, based on DTCC data: 0.6625(AUD833m), 0.6690(AUD693m). Upcoming Close Strikes : 0.6610(AUD773m Jan20), 0.6800(AUD860m Jan20) - BBG
• The AUD/USD Average True Range for the last 10 Trading days: 37 Points

Fig 1: AUD/USD spot Daily Chart

Source: MNI - Market News/Bloomberg Finance L.P

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