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AUD/USD Back To 0.6900

AUD

AUD/USD has spent most of the session drifting lower. The pair is now off -0.40-0.50% from NY closing levels and is back around the 0.6900 level. We remain above the overnight lows, which was just under 0.6860.

  • A$ performance is in line with other majors, EUR/USD is off by nearly the same the amount (-0.42%), while JPY is performing is slightly better (-0.34%).
  • This is in line with a slight risk averse tone through equities, with US futures remaining in the red. The picture has been more mixed at the region Asia Pac level though.
  • Commodities are painting a more positive picture, copper (CMX) up 0.5%, while iron ore has regained the $101 handle and steel futures are higher onshore in China.
  • Yield spreads are back out to -40bps on a AU-US 2yr basis, not too far from where we ended yesterday's domestic session.
  • AUD/NZD is slightly higher, in line with recent trends, but not racing beyond 1.1100
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