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Northbound

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Breaches Key Short-Term Support

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AUD

AUD/USD is drifting higher, pushing above 0.6910, around 0.35% above NY closing levels. The pair has been dragged higher by a firmer EUR (DXY back sub 107), while AUD/NZD cross demand has also been evident.

  • Cross asset signals are negative for the most part, with sentiment for the A$ driven more so by broader USD performance during the session to date.
  • Regional equities are mixed, with China/HK lower, while tech related plays are higher. US futures are modestly lower.
  • Commodities are mostly lower, with iron ore back through $98/tonne for the active Singapore future. China steel futures are down on shore in China (0.50-0.60% at this stage. Copper (CMX) is also weaker., while oil has drifted lower.
  • Earlier, the Q2 NAB business confidence measures printed at +5 from a revised +15 in Q1. This is not a surprising result though given monthly readings through the quarter.
  • AUD/NZD is up around 0.35% on the day. Relative external trade account trends still favor the cross higher, with earlier data showing NZ's position for June slipping back into deficit. The 12 month sum for the deficit is in excess of NZ$10bn. This contrasts with record high trade surpluses for Australia. The cross is back at 1.1080, with the next level eyed around 1.1100.

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