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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.
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MNI: Transcript of MNI's Interview with Philly Fed's Harker
A$ Underperforms Broad USD Sell-Off
The A$ was under pressure early post the Asia close but found support around 0.6950 and rebounded back above 0.7050 late in NY. We track just below this level currently.
- AUD has underperformed within the G10 FX space, only higher than SEK, NOK and CAD in the past 24 hours.
- AUD fell against CHF on the SNB hike, while AUD/NZD is back below 1.1100, as AU's yield outperformance ran out of steam late yesterday.
- Cross asset signals were mixed, equities a strong headwind in terms of A$ performance on crosses. US equities tanked on recession fears and disappointing data. The US VIX index rose back to 33%.
- US yields fell sharply though, particularly late in the session, undermining broad USD performance. The US 2yr yield has fallen more than 30bps in the past 2 sessions. The AU-US 2yr spread has generally pushed higher this week, albeit around a volatile trend.
- Commodities were lower, with base metals falling just over 2%, with copper threatening to break to fresh YTD lows (we closed at $410.80). Iron ore was also weaker, back to a $126 handle from above $130.
- There are no data releases scheduled for today.
To read the full story
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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.