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A$ Consolidates

AUD

AUD/USD hasn't broken through the overnight lows of 0.6880 through the afternoon session, equally though the pair hasn't been able to rally back above 0.6900 with any conviction.

  • AUD/JPY is off by more than 1.0%, which has taken us back to lows from the start of the week, sub 93.30. Some support is evident ahead of the 93.20 level.
  • Note the 50-day MA comes in at 92.50 for AUD/JPY. Other than a brief dip below this level on June 16th, we haven't been below this level in a meaningful way since May.
  • Many of the earlier themes are still intact in terms of weaker equities, although US futures are comfortably off worst levels.
  • Copper and iron ore are also up from session lows. Iron ore is back to $111.
  • While there has been little follow through in terms the 2yr AU-US spread, stuck around -18bps.
  • In terms of levels, on the downside the focus will be if we can break below 0.6880, beyond that is the June 14th low of just above 0.6850. On the topside is 0.6950, highs from yesterday.
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