13th January 2021 - AUD/USD hold above 0.7700, remains on track to post modest daily gains

Updated: Feb 3


Good Morning,


Market Headlines

Wall St remained relatively subdued into the close with the Dow +0.2% at 31055, S&P +0.1% at 3801, and the NASDAQ +0.3% at 13066. . US yields were flat with the 10 year space still hovering around the recent highs of 1.14% while oil continued its rally and gained a further 1.6% throughout the session. Commodities, Crude +0.9%, Copper +1.4%, Wheat +4.7%, Iron ore +1.3% Gold $1856/oz


Overnight Currency Ranges

AUD/USD: 0.7697 – 0.7773

EUR/USD: 1.2137 – 1.2207

GBP/USD: 1.3539 – 1.3666

USD/JPY: 103.79 – 104.33

USD/CAD: 1.2717 – 1.2778

NZD/USD: 0.7159 – 0.7218

AUD/JPY: 80.18 – 80.69

AUD/NZD: 1.0738 –1.0777


AUD Thoughts

After climbing to 0.7740 during the European trading hours, the AUD/USD pair turned south and tested 0.7700 in the early US session. However, the greenback struggled to preserve its strength in the last hours and AUD/USD edged higher to 0.7730, where it was up 0.45% on a daily basis.


AUD/USD recovered strongly off yesterday’s low of 0.7687 to post a high above 0.7770 in the final hours of US trading session. From here the recent double top at 0.7820 should provide resistance once again while demand ahead of 0.7640 will likely slowly any meaningful dip.


Event Risk Data Today

AU – November Job Vacancies

EU – November Industrial Production

US – December CPI

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