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A$ Underperforming

AUD

The A$ is starting the week on the back foot. AUD/USD weakened down through 0.7200 before stabilizing. AUD/JPY dipped below 94.00 before demand emerged, we are still around 0.30% sub the NY close from last week.

  • Domestic data released has been second tier and hasn't had an impact. Inflation expectations rebounded in May, now up to 4.8% in YoY terms. ANZ Job ads also rose, up 0.4%, but this follows a revised -2% dip in the previous month.
  • The Caixin services PMI was much weaker than expected printing at 41.4 versus 46.0 expected. This was an improvement on the previous month (36.2), but is still well below expansion territory.
  • Still, the initial reaction in the AUD hasn't been large. We were already sub 0.7200 prior to the Caixin print.
  • Cross asset signals are weighing from an equity market standpoint. Regional equities are generally lower, but only modestly so. US futures are up slightly at this stage.
  • Iron ore is off highs from last week, back to the low $140/tonne region. Oil has also moved lower, as is copper, off a further 1.3% to $441.
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