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Greenback strength pushes Aussie below 70 US cents
AUD - Australian Dollar
The Australian dollar dropped 0.4% on the first day of trading in 2020 as thin liquidity is expected from holiday closures this week. The release of Caizin Manufacturing PMI did little to move the Aussie as the manufacturing sector in China continued to improve in the month of December.
Trading in a 20-point range during the domestic session, the local currency eventually dipped to 70 US cents and to eventual lows of 0.6980 on greenback strength overnight.
The Australian dollar opens this morning at 0.6986. We expect support levels to hold on moves approaching 0.6940, while any upward push will likely meet resistance at 0.7030.
Key Movers
The US Dollar regained its strength overnight adding 0.40% on the day, snapping a week worth of losses over the festive season. A number of economic data sets out of the European zone and UK were less than impressive including British factory output which fell at its fastest rate since 2012. EUR/USD shed 0.49% to 1.1170 and GBP/USD was done 0.85% to 1.3138 with the US Dollar Index (DXY) benefitting the most overnight to close higher at 96.82.
Unemployment claims and final manufacturing PMI figures hit market expectations in the United States overnight as we look towards the release of FOMC minutes early Saturday morning which is likely to move markets heading into the New York close.
Expected Ranges
AUD/USD: 0.6940 - 0.7030 ▼GBP/AUD: 1.8600 - 1.9000 ▼
AUD/NZD: 1.0400 - 1.0500 ▲
AUD/EUR: 0.6220 - 0.6300 ▲
AUD/CAD: 0.9020 - 0.9110 ▼