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AUD/USD Through Overnight Lows

AUD

AUD/USD is through the overnight low, sub 0.6860, more than 0.3% below NY closing levels. Weaker NZ business sentiment conditions has spilled over into AUD, while cross asset signals are also weighing.

  • Local yields remain on the back foot, following the moves in core markets overnight.
  • Still, the AU-US 2yr spread is now back to -40bps, around 8bps lower on the day. The trend on this spread remains a headwind for AUD.
  • Lower NZD levels, post weaker ANZ activity outlook and business confidence readings, has also weighed on AUD. NZD/USD is off by the same amount as AUD.
  • Weaker equities across the region and lower US futures are also driving AUD/JPY lower. Last at 93.68 for this pair, -0.30% for the session so far.

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