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Commodity Weakness Adds To Yield Headwinds

AUD

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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