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Jan 20 - 05:55 PM

AUD/USD - Surges On Tariff Relief, Too Early To Sound All-Clear

By Krishna Kumar  —  Jan 20 - 04:36 PM

• AUD/USD opens 1.3% higher as USD tumbles; Trump team suggests tariff delay

• Trump's new administration will not immediately impose trade tariffs

• AUD, a China proxy, had depreciated 5.65% since Nov 7 Trump election day

• Was undermined by Trump Day 1 tariff threats, less dovish Fed rate outlook

• Tariff relief and prospect of multiple Fed rate cuts now boost AUD

• Positive risk sentiment, prospect of lower U.S. yields may fuel further rise

• Care required as too early to sound all-clear on tariffs

• Strong likelihood of RBA Feb rate cut also likely to cap AUD recovery

• Strong resistances at 0.6300-05, 0.6340-45, support 0.6230-35, 0.6200-05

• Monday range 0.6190-0.6286
AUD:


(Krishna Kumar is a Reuters market analyst. The views expressed are his own.)

Source:
London Stock Exchange Group | Thomson Reuters

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