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Mar 15 - 11:55 PM

AUD/USD - Early Bounce Fades - Strong Aus Jobs Ignored

By John Noonan  —  Mar 15 - 11:20 PM
  • AUD/USD opened -0.91% at 0.6621 as banking crisis fears returned nL1N35N32J

  • AUD/USD had a tepid rally when SNB provided liquidity for ailing Credit Suisse nL1N35O02Y

  • E-minis rallied around 0.50% and the AUD/USD moved up to 0.6643

  • Rally was aided by better than expected Aus employment data nAZN14POW2

  • The rally faded when Aus futures market ignored data

  • Market now pricing in no more hikes and RBA cut around mid-year

  • Reaction to SNB backstop for Credit Suisse tepid

  • AUD/USD fell back below 0.6620 heading into the afternoon

  • AUD/USD will likely struggle due to uncertainty and global growth concerns nL4N35N4SV

  • Support at 61.8 of 0.6170/0.7158 at 0.6547 is first target if it moves lower

  • Resistance is at the 21-day MA at 0.6726 and break would ease pressure

  • Key today will be bond market reaction to SNB move and ECB decision

  • For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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