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AUD/USD At Fresh YTD Lows, AUD/JPY down 1.6%

AUD

AUD/USD has fallen to fresh YTD lows, dipping sub 0.6820, before stabilising somewhat. AUD/JPY is off by around 1.6%, through the 50 day MA, last tracking close to 92.20.

  • Risk off drivers mentioned earlier have continued, with the equity drop on-going, while lower commodity prices have also joined the fray.
  • Copper is extending lower, although volumes look light. Iron ore is still relatively steady, just under $115/tonne for the active Singapore futures. Gold (near $1800) and oil (Brent sub $109/bbl) are also weighing at the margin.
  • From a technical standpoint, the next level to watch will be 0.6805, the June 22 2020 low. Below that is the June 15th low of 0.6777.
  • 1 month implied vols are moving higher for AUD/USD, back above 13% but remain below previous YTD highs of around 15%.
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AUD/USD has fallen to fresh YTD lows, dipping sub 0.6820, before stabilising somewhat. AUD/JPY is off by around 1.6%, through the 50 day MA, last tracking close to 92.20.

  • Risk off drivers mentioned earlier have continued, with the equity drop on-going, while lower commodity prices have also joined the fray.
  • Copper is extending lower, although volumes look light. Iron ore is still relatively steady, just under $115/tonne for the active Singapore futures. Gold (near $1800) and oil (Brent sub $109/bbl) are also weighing at the margin.
  • From a technical standpoint, the next level to watch will be 0.6805, the June 22 2020 low. Below that is the June 15th low of 0.6777.
  • 1 month implied vols are moving higher for AUD/USD, back above 13% but remain below previous YTD highs of around 15%.