AUD Gifted a Santa Claus Rally

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AUD

The Aussie has experienced a Santa Claus rally, pushing higher against majors this morning. Commodities enjoyed a solid day yesterday, with Gold up 0.6%, Silver up 0.9%, Iron Ore up 0.3% and Copper up 0.4%. Asian Equities were mixed into the close, with the ASX down 0.4% and the Shanghai Comp up 0.6%. There was no data released yesterday, with today being Aussie Private Sector Credit m/m, previously at 0.3%. We may also see the tentative release of China's Foreign Direct Investment data.
 

USD

The AUDUSD soared higher overnight, pushing through the 0.68 barrier to reach 6-month highs, opening this morning at 0.6801. Wallstreet was strong into the close, with the Nasdaq leading the charge, up 1.1%, the Dow up 0.7% and S&P 500 up 0.6%. Final GDP q/q was released last night, coming in lower at 4.9% (expectations were 5.2%). The Philly Fed Manufacturing Index also came in lower at -10.5, expected at -3.3 from a previous -5.9. The weaker data signifies a further slowdown in the US economy, weakening the US Dollar, giving the push the AUDUSD needed to break through the 0.68. Higher interest rates are starting to show signs of wear on the US economy, furthering the idea that there will be large rate cuts next year. Tonight, the data dump continues with Core PCE Price Index m/m expected to come out unchanged 0.2%, Core Durable Goods Orders m/m expected to increase from 0.0% to 0.1%, Durable Goods Orders m/m is expected to increase from -5.4% to 2.4% and Revised UoM Consumer Sentiment is expected to remain unchanged at 69.4.
 

EUR

The AUDEUR grinds higher overnight, seeing mild gains to put the pair back into the high 0.61s - opening this morning at 0.6178. European equities were lightly red into the close, with the DAX down 0.3% and the CAC down 0.2%. There was no data out of the Eurozone yesterday, with today also being fairly light on data. Tonight, we have German Import Prices m/m expected to decrease from 0.3% to -0.4% and Belgian NBB Business Climate expected to slightly improve from -15 to -14.6.
 

GBP

The AUDGBP opens higher this morning, with the pair trading mostly sideways during the day with an overnight rally to push higher into 6-month highs, opening at 0.5358. UK equities were soft into the close, with the FTSE closing down -0.3%. Last night, Public Sector Net Borrowing came in higher than expected at 13.B, with expectations at 12.8B from a previous 15.1B. CBI Realised Sales came in lower at -32, expected at -13 from a previous -11. Tonight, we have Retail Sales m/m, expected to increase from -0.3% to 0.4%
 

NZD

The AUDNZD rallied overnight, pushing up all day to break back above the 1.08 handle to sit at a weekly high, opening this morning at 1.0805. Yesterday, we had Credit Card Spending y/y come out, reading higher at 3.3%, previously at -2.8%. There will no further data released until the new year.