June 30, 2022 01:56 GMT
AUD/USD is back to flat on the day. From an earlier low of just above 0.6850, we are now back to 0.6880.
- The better than expected China non-manufacturing PMI, which was a large beat relative to expectations (54.7 versus 50.5 expected) has helped. The manufacturing PMI came in weaker than expected, but is still back in expansion territory (50.2 versus 50.5 expected).
- Iron ore is up slightly from earlier lows, to +122/tonne, while copper has also opened modestly higher. Local AU bond yields are away from worst levels as well.
- Better Australian credit data and a surge in job vacancies, has also helped at the margin.
- AUD/NZD demand has also been evident, as the cross pushed back to 1.1070 from earlier levels at 1.1045. Relative data momentum remains in favour of higher levels in the cross.