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Free AccessA$ Weakens Further Against Safe Havens
AUD/USD is roughly where we left it at the Asia close yesterday, at just under 0.6900. The overnight range was around 0.6869/6926, with a mixture of drivers. The currency underperformed though against most of the G10 FX bloc, particularly the safe havens.
- Base metals remain a headwind for the FX, copper down over 5% to $373.90/lbs, while a Bloomberg measure of base metals slid by 2.33%.
- Weaker PMI prints across the EU and US stoked global growth fears. This weighed on core yields, although EU/UK markets saw larger falls than the US.
- Still, iron ore recovered ground. We are back to $117/tonne, while oil was range bound, with Brent finishing sub $110/bbl.
- US equities rose, while the VIX index finished steady around 29%.
- AUD/JPY continued to track lower despite firmer US equities, dipping to the low 92.60 region before rebounding. We open this morning just above 93.00. Note the 50-day MA for this pair comes in at 92.48.
- Today's data calendar is empty, but RBA Governor Lowe speaks on a UBS panel discussion on central banks and inflation. Note though this isn't until 9:30PM AEST Sydney time.
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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.