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A$ Firms On China Comments, USD Weakness

AUD

AUD/USD has traded close to a 30pip range so far today (around 0.6900-0.6930). We currently sit close to the top end of this range, last around 0.6925. Broader USD sentiment has faltered in the last hour and half of trading. The yen has rebounded, while the China currency has rallied to fresh multi-month highs, which has spilled over to the AUD.

  • Comments from China's envoy to Australia has also aided sentiment at the margin. Xiao Qian stated that the relationship turned around in 2022, and Australian imports to Chinese companies were restarting.
  • In the cross asset space, regional equities are mixed, while US futures are away from worst levels but still in negative territory (-0.05/10% last for the major indices).
  • AU-US 2yr spreads, in the government bond yield space, continue to edge higher, last near -92bps.
  • For AUD/USD recent upside resistance has been evident around 0.6950.
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