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A$ Remains Under Pressure

AUD

AUD/USD is threatening to break below 0.7070. We currently sit just above this level, around 0.50% below NY closing levels. Weaker equity sentiment and the NZD dip weighing.

  • The A$ continues to track broader equity risk sentiment closely. US equity futures are down but are off the worst levels of the day.
  • China/HK related equities are struggling to stay positive. China stimulus related news likely helping to contain some of the fallout from the weaker US futures lead.
  • AUD is outperforming NZD slightly, but Kiwi weakness has still been a headwind. NZD/USD is down close to 0.60% against the USD, following the earlier NZ retail sales miss.
  • In the commodity space, both oil and iron ore are off recent highs. Australian government bond yields are up slightly on the day.
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