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A$ Falls Sharply As Risk Off Resumes, Jobs Data Today

AUD

The A$ spent much of the post Asian-close retreating, as a sharp risk off in equity markets sent AUD/USD down to 0.6950, we have recovered a little in early trade this morning (0.6960).

  • AUD/USD slid with most other G10 FX, although JPY and CHF outperformed strongly on safe haven bids. AUD/JPY is back to 89.30, more than 2% below yesterday's early highs above 91.00.
  • US stocks were sharply lower, with consumer stocks the main source of weakness. The VIX surged back above 30%.
  • Commodities also fell, the headline Bloomberg index off 1.50%, while base metals fell just over 1%. Iron ore edged back down to $125/tonne.
  • US yields fell sharply, particualrly in the back end, but as we noted yesterday, yield spreads have generally rolled over in terms of the AU-US differential.
  • Yesterday's softer than expected Q1 wages data has seen sell side analysts generally calling for a 25bps hike at the June meeting rather than anything larger.
  • Today the focus is on the April jobs report. The market expects +30k in jobs growth (+17.9k previously), while the unemployment rate is expected to dip to 3.9% (4.0% previously).
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