Aussie Dollar Gains on Trump Tariff Ruling

AUD

AUD opens the week in the green across all the major currencies, off the back of US President Trumps' tariffs being deemed illegal by the supreme court.  Asian equites finished the week lower, both the Nikkei and Hang Seng fell -1.1% each, while the Shenzhen remained closed due to Lunar New Year break. The ASX 200 slightly down -0.05% as technology and consumer staples led losses at -2.4% and -1.5% respectively. Over the weekend, quiet data wise out of Australia and China, with Lunar New Year celebrations set to wrap up tomorrow. This week, all eyes on Aussie CPI, y/y set to come in at 3.7%, with more expectations to follow.
 

USD

AUDUSD opens up roughly 20 basis points at 0.7080 after the U.S. Supreme Court blocked President Trump’s global tariffs. The news buoyed Wall St. and saw the Nasdaq close +0.9%, the S&P 500 +0.7%, and the Dow Jones +0.5%. U.S. 10-year yields rose 2bps to 4.09%, while Brent Crude was steady at $72 a barrel. US Data dump over the weekend saw, PMIs miss, Advanced GDP q/q miss and Core PCE Price index over achieve at 0.4%, expected 0.3%. GDP increased at a rare of 1.4% annualized rate last quarter, lower than the 2.8% forecasted. Looking ahead this week we have Unemployment Claims this Friday, with low currency impacting data out this week mainly.

EUR

AUDEUR opens in the green to regain the .60 handle, opening at 0.6013. European equities closed in the green, the DAX was up +0.9% and CAC was up +1.4%. European PMIs all came in on or above expectation across the board except French Manufacturing which missed by a fair way at 49.9, expected at 50.9. This week, ECB President Lagarde Due to testify before the Committee on Economic and Monetary Affairs of the European Parliament, in Brussels. German Prelim CPI m/m to close out the week expected at 0.5%.
 

GBP

AUDGBP opens green at 0.5255, now sitting comfortably in the 0.52s. the FTSE closed in the green, up +0.6%. A quiet weekend out of the UK and looking ahead to the rest of the week nothing of note except the Monetary Policy Report Hearings on Wednesday.5
 

NZD

AUDNZD opens in the green from Friday open at 1.1847, despite strong retail data out this morning. Credit Card Spending y/y will be released this afternoon also. GDP q/q is the next major data point for the Kiwi which will be out on the 19th of March.