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AUD/USD Finds Selling Interest Above 0.7000

AUD

AUD/USD's earlier move above 0.7000 has found selling interest again. The pair was last tracking sub 0.6985. The AU-US 2yr spread is back at -45bps, similar levels to yesterday post the AU CPI print. We are up from earlier lows of -50bps though.

  • Lower US equity futures are weighing at the margin, with AUD/JPY down through 95.25, versus highs above 95.50 from earlier.
  • AUD/NZD has backed away from 1.1180, but is still finding support on dips. The cross is higher than yield differentials suggest but we do have AU retail sales data coming up in a little under 1 hour. To recap, the market expects a +0.5% rise, versus +0.9% in May. Before that the NZ ANZ activity and business confidence readings for July could also impact the AUD/NZD cross.
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AUD/USD's earlier move above 0.7000 has found selling interest again. The pair was last tracking sub 0.6985. The AU-US 2yr spread is back at -45bps, similar levels to yesterday post the AU CPI print. We are up from earlier lows of -50bps though.

  • Lower US equity futures are weighing at the margin, with AUD/JPY down through 95.25, versus highs above 95.50 from earlier.
  • AUD/NZD has backed away from 1.1180, but is still finding support on dips. The cross is higher than yield differentials suggest but we do have AU retail sales data coming up in a little under 1 hour. To recap, the market expects a +0.5% rise, versus +0.9% in May. Before that the NZ ANZ activity and business confidence readings for July could also impact the AUD/NZD cross.