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AUD Surges On Commodity Strength

AUD

The A$ recovered from its early post Asia close dip to surge above 0.7260. We are now through the 50 (0.7230), 100 (0.7230) and 200 (0.7258) day MAs. Commodity sentiment was particularly positive for the AUD.

  • Copper rallied over 5% to $455/lb, which is the strongest levels since late April. Iron ore got close to $142/tonne, highs going back to early May. Oil also recovered, with Brent ending the NY session back above $118/bbl.
  • Shanghai emerging from lockdown is seen as boosting oil demand, while infrastructure investment is also likely to be supported, a positive for growth sensitive commodities.
  • Firmer equities and the lower VIX also helped the AUD. AUD/JPY is now up to 94.35 and within striking distance of mid-April highs above 95.00.
  • Today's data calendar has the final reading for the services and composite PMI prints for May. Home loan data also prints, with the market looking for a -0.5% dip versus the previous 1.6% rise.
  • Also note that China, Hong Kong and the UK are all on holiday today, which is likely to impact market liquidity.
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