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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUD
AUD/USD is at session highs around 0.6330, +0.65% on NY closing levels. The currency is the best performer in the G10 space, with NZD and GBP next best at +0.50% respectively. Highs for AUD/USD yesterday came in just above 0.6370, while the 20-day EMA prints at 0.6380 currently.
- The A$ is benefiting from better China equity market sentiment, with Hong Kong tech shares leading the way. Mainland shares are also higher, with optimism spilling over into commodities like iron ore. The chart below overlays iron ore futures (last at $84.60/tonne) against the Shanghai Property Sub-index. Both series are rebounding, albeit from depressed levels.
- Other commodities, like oil and copper are also higher, adding to the A$ impetus and outweighing headwinds from lower local yield differentials with the US.
Fig 1: Iron Ore Versus Shanghai Property Sub-Index
Source: MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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