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AUD/JPY Still Bid, AUD/USD Back Through 0.7000

AUD

AUD/USD is back above the 0.7000 handle, while AUD/JPY is up 1% on the day.

  • The bounce in AUD/JPY is still outperforming the equity trend, see the chart below.
  • To be fair, most equity futures are well away from their respective lows for the day. US equity futures have returned to flat. The major Asia-Pac equity indices are still all down on the day, but likewise are well away from worse levels.
  • Commodities are also helping, Brent Crude is back above $110. Iron ore is also higher.
  • Positive headlines around the Shanghai covid situation and policy support appeared to give markets a positive jolt earlier, otherwise headlines have been fairly limited.

Fig 1: AUD/JPY Vs. S&P 500 E-minis

Source: MNI - Market News/Bloomberg

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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