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A$ Lower On Higher US Yields

AUD

AUD/USD is down around 0.35% from the NY close, back to 0.7170 region, as the spike in UST yields weighs.

  • Yield differentials have moved in against the AUD in early trade today. The AU-US 2yr spread is back out to recent wides of close to -15/-20bps from -5/-10bps last week. The moves have been more modest at the back end though.
  • The spill over to equity market sentiment is also weighing, Japan (-0.60) and South Korean (-0.33%) equities slipping, while US futures have also weakened.
  • Still, AUD/JPY is up smalls on the day, holding close to 92.00 (last 91.90). USD/JPY is trading with a slightly stronger beta to the US yield move at this stage.
  • Weaker business survey conditions in NZ has also weighed at the margin. Still to come is a host of Australian data and the China PMI prints.
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