Aussie Dollar Rebounds From Multi-Month Lows

AUD

The Aussie Dollar opens higher against the major currencies, as improved risk sentiment brought the AUD up from multi-month lows. It was a quiet 24 hours out of Australia news-wise, however China had their CPI y/y (+0.7% vs exp. +0.8%) and PPI y/y (+5.7% vs exp. +5.3%). Asian equities closed higher, with the ASX +0.1%, Shanghai Comp +0.3% and Nikkei +2.3%. Commodities fell overnight, with the largest movers being Crude Oil -5.5%, Natural Gas -3.5%, Coal -2.4%.  Today will have minor economic data pieces out of Australia with Westpac Consumer Sentiment and NAB Business Confidence. The next major economic data piece out of Australia is Australian employment data on Thursday next week.
 

USD

The AUDUSD opens higher at 0.6925, strengthening from yesterday’s 7-month lows of 0.6856 as market sentiment rebounded. Yesterday had no major economic data out of America, with Wall Street closing higher; Dow Jones +2.3%, S&P 500 +2.2% and Nasdaq +2.8%. Last night had minor economic data out of the US with their Final Wholesale Inventories m/m (+0.7% vs. exp. +0.6%). Tonight will have American Core CPI m/m and CPI m/m, expected to release at +0.2% and +0.3% respectively. Tomorrow is also an American bank holiday (Veterans Day).
 

EUR

The AUDEUR opens slightly higher at 0.6150, trading between 0.6150 and 0.6188 over the past 24 hours due to minimal economic events. European equities rallied from global risk sentiment improving, with the DAX closing +1.7% and CAC +1.2%. Yesterday had the G7 meetings, however the focus was on the riots in Paris. No economic data out of the Eurozone tonight, with a bank holiday in France occurring tomorrow (Armistice Day).
 

GBP

The AUDGBP opens slightly higher at 0.5152, trading sideways between 0.5138 and 0.5154 over the past 24 hours. British equities strengthened overnight, with the FTSE +1.0%. No economic data out of the UK tonight, with the next economic data piece with GDP m/m on Thursday (exp. 0.0%).
 

NZD

The AUDNZD opens the day lower at 1.2295, hitting a 3-week low overnight. There was no news out overnight, with RBNZ Chief Economist Conway speaking today ahead of Visitor Arrivals m/m on Thursday morning, which previously increased by 2.8%.