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A$ Continues To Underperform G10

AUD

A$ remains the weak link within G10 FX. The currency is down a further 0.20% so far today. The pair is back under 0.6300 (last at 0.6290/95). We haven't breached overnight lows around 0.6275 yet, but the focus remains on downside momentum. Some lows from April 2020 (near 0.6250) are in play.

  • Earlier data showed some softening in the CBA consumer spending indicator, while the Westpac consumer sentiment levels are above the recent trough but in the crisis zone from an historical standpoint. Coming up soon is the NAB business conditions print.
  • AU-US 2yr spreads are not far off recent lows, sitting near -100bps, the 10yr spread remains close to flat.
  • Weaker equity sentiment remains a headwind, as US futures struggle to stay in positive territory.
  • AUD/NZD is weaker since the open, tracking back below 1.1300.
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