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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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Free AccessCORRECT: A$ Grinds Higher On Improved Risk Sentiment
AUD/USD is back close to session highs of around 0.6960, largely on improved risk appetite, close to +0.30% for the day.
- Asian equity sentiment has received a boost after 8 of Shanghai's districts (roughly half of the city's districts) recorded no COVID community transmission. The Chinext index is up close to 4.3% at the time of writing.
- Equity futures in the US and EU are pointing higher as well.
- Iron ore is higher, back above $130/tonne, likely on the China news. Oil has also recovered ground.
- These moves are offsetting lower yield differentials with the US, with the 2yr spread back to flat. As we noted yesterday short-term correlations remain stronger with equity and commodity performance.
- Earlier the Westpac-MI Consumer Sentiment Index fell by 5.6% to 90.4. This takes us back to Q3 2020 levels. Still, the move is hardly a surprise given last week's rate hike and weaker equity market sentiment.
- The A$ has outperformed the safe havens in G10 FX, but only by 0.20-0.25%.
- AUD/USD has struggled to get through 0.6980/90 in recent sessions, while we have bounced off 0.6910/15 a couple of times. Current ranges may persist until the US CPI prints later today.
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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.