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A$ Back Above 0.6800 On Positive Cross Asset Trends

AUD

AUD/USD gains have slowed in recent dealings. The pair stabilizing close to the 0.6810 level, which is still +0.75% higher versus opening levels. Highs rest at 0.6819. The A$ is only trailing the NZD in the G10 space in terms of gains against the USD. We have more than unwound yesterday's correction post the weaker than expected Q2 CPI print (a dip from~0.6775 to 0.6730). Broader risk appetite has firmed on the back of lower US yields/higher US equity futures and firm regional equity gains in the atfermath of Wednesday's FOMC outcome.

  • Commodities are also higher, although iron ore is holding steady near $113/ton. Copper (CMX basis) is +1% and oil is higher as well.
  • For A$ bulls, the July 20 high at 0.6847 beckons, beyond that is the 0.6900 level (June 16 high), which is a key resistance point.
  • Earlier we had Q2 terms of trade, which saw export prices fall -8.5% q/q (-6.7% forecast), while import prices were as expected (-0.8% q/q). The data didn't impact market sentiment.
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