MNI BRIEF: China Nov CPI Slows To 5-Month Low Of 0.2% Y/Y

MNI: PBOC Sets Yuan Parity Higher At 7.1870 Mon; -1.39% Y/Y

MNI: China CFETS Yuan Index Down 0.36% In Week of Dec 6

MNI: PBOC Net Injects CNY13.8 Bln via OMO Monday

MNI BRIEF: PBOC Increases Gold Reserves

CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI JAPAN Q3 GDP REV +0.3% Q/Q; PRELIM +0.2%; MEDIAN +0.2%

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

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.
BulletMarketsForeign Exchange BulletsHomepagemarkets-real-time
BulletMarketsForeign Exchange BulletsHomepagemarkets-real-time

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.