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AUD/USD Holding Just Above Recent Lows

AUD

AUD/USD continues to track close to recent lows. We were last at 0.6720/25, versus an earlier low at 0.6716. Near term direction is largely being driven by EUR/USD moves, which continues to trade just above parity.

  • Outside of that, commodity related headwinds persist. Onshore steel futures in China continue to track lower, -2.2% for steel rebar at this stage, while coking coal is also weaker (-3%).
  • Iron ore is back to the low $107/tonne region, but isn’t making fresh lows at this stage. Oil is also drifting lower, but nothing dramatic (Brent remains above $105/bbl).
  • China Covid worries continue to dominate, although China equities have moved away from worst levels on the day. US equity futures remain in the red, but AUD/JPY is up off the lows, largely due to higher USD/JPY levels. The pair was last at 92.40/45, versus sub 92.20 earlier in the session.
  • Note the data calendar is quiet tomorrow, with Thursday swinging back into focus with the jobs report.
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