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A$ Unwinds Some Cross Outperformance

AUD

AUD/USD has lost ground through the afternoon session, dipping close to 0.7140, nearly 0.50% weaker on the day. We have stabilized somewhat and are tracking back close to 0.7160, but remain 0.25% weaker for the session.

  • Weaker equity sentiment hasn't helped, with Asia Pacific markets unable to muster any type of meaningful recovery. US equity futures have also slipped into negative territory.
  • AUD has unwound some cross outperformance. AUD/NZD is seeing some resistance around 1.1080, we are now back to 1.1060.
  • Liquidity conditions could also be more challenging given that UK markets will be closed on Thursday & Friday on the observance of a national holiday.
  • Oil is also weaker, albeit off the lows from earlier in the day. Iron ore is higher though, up to $137/tonne. Increased focused on infrastructure investment in China over the past 24 hours is likely helping this trend. We are now close to multi-week highs for iron ore.
  • Earlier we had better than expected trade figures, with the trade surplus at A$10.5bn, versus A$9bn expected.
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