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A$ Lagging Better Risk Sentiment

AUD

AUD/USD has ground in the first half of the session, underperforming the risk on bounce to markets post the China 5-yr LPR cut

  • AUD/USD is down close to 0.50% from the NY close and back to 0.7010-0.7020.
  • Risk sentiment is generally on the improve, with Asian equities trending higher, with Hong Kong tech and ChiNext leading the way. US equity futures are higher, albeit off best levels now.
  • Commodities remain positive, iron ore up to $129/tonne, oil holding near overnight highs, while copper is down a touch.
  • An option expiry at 0.7050 for just under $550mn may be capping gains. AUD/USD is the weakest performer in the G10 space, although other majors are also weaker against the USD. USD/CNH is also higher to 6.7400, while 1 month USD/KRW is back above 1271.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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