STIR: RBNZ Dated OIS Little Changed Ahead of the Q4 Labour Market Report

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.