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Within In Sight Of YTD Lows

AUD

AUD/USD slumped post the Asia close, dipping to 0.6850, versus 0.6970 in early EU trading. We open slightly firmer this morning at 0.6875.

  • The near term technical set up remains poor for the AUD. The focus is on the 0.6829 level, which was the May 12th low from earlier this year. A breach of that and then the 0.6805 low from Jun 22 2020 comes into play.
  • Cross asset signals were generally negative, although equity falls were more modest in US and EU markets, while the VIX index dipped back to 32.7%. Dips in AUD/JPY 92.50/60 remain supported, we open this morning back at 93.15.
  • US yields pushed higher though, on increased Fed expectations, supporting broad based USD gains, with the DYX breaching 105.50 overnight.
  • Commodities remained on the back foot. Base metals down 1.60%, with copper down for the 4th straight session to $415.65. Iron ore was relatively steady around $132/$133.
  • Today on the data calendar is the Westpac consumer confidence reading for June (last was at 90.4, down -5.6%).
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