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Free AccessCommodity Weakness Adds To Yield Headwinds
AUD/USD is within sight of last week's lows sub 0.6900. We last changed hands just above 0.6920, down around 0.70% from opening levels today. AUD has only outperformed NZD in the G10 FX space.
- Lower commodity prices have added to earlier sell-off momentum, which was kicked off by the slump in front-end AU yields.
- While much of the focus is on oil prices, iron ore is down 3.3%, so far, reversing all of yesterday's bounce. We are back to a $110 handle, while copper is off by 1.8%.
- A weaker lead from equities has seen AUD/JPY drop by around 1%. After opening around 95.30/35 we are back below 94.30 now.
- The AU-US 2yr spread has stabilized somewhat around the -16bp level, but we aren't too far away from the session lows.
- Note that tomorrow's data calendar holds just preliminary PMI results for June.
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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.