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AUD/USD Back To 0.7050, Amid Broad USD Weakness

AUD

AUD was on the front foot for much of the post-Asia close, albeit in a wide range, a low of around 0.6960 to a high just above 0.7070. We open this morning around 0.7050. The A$ outperformed most other G10 currencies, except for NOK, CHF and SEK.

  • It was a volatile session in terms of cross asset signals, particularly for equities. US stocks finished lower in a see-sawing session, although the VIX still ended back sub 30%.
  • Commodities rose, Brent crude back above $111/bbl, while base metals surged +3.50%, copper up 2.50%. Gold also rallied amid broad USD weakness. Iron is back to a $127/tonne handle
  • US yields were lower, as US data disappointed. AU-US yield spreads have moved away from lows for the week.
  • There is no domestic data released today. The focus domestically will be on the last day of the Federal election campaign, ahead of tomorrow's vote.
  • This week's opinion polls have shown Labor is still leading over the incumbent Liberal/National coalition, but the gap has certainly narrowed compared to a few weeks ago.
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AUD was on the front foot for much of the post-Asia close, albeit in a wide range, a low of around 0.6960 to a high just above 0.7070. We open this morning around 0.7050. The A$ outperformed most other G10 currencies, except for NOK, CHF and SEK.

  • It was a volatile session in terms of cross asset signals, particularly for equities. US stocks finished lower in a see-sawing session, although the VIX still ended back sub 30%.
  • Commodities rose, Brent crude back above $111/bbl, while base metals surged +3.50%, copper up 2.50%. Gold also rallied amid broad USD weakness. Iron is back to a $127/tonne handle
  • US yields were lower, as US data disappointed. AU-US yield spreads have moved away from lows for the week.
  • There is no domestic data released today. The focus domestically will be on the last day of the Federal election campaign, ahead of tomorrow's vote.
  • This week's opinion polls have shown Labor is still leading over the incumbent Liberal/National coalition, but the gap has certainly narrowed compared to a few weeks ago.