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Free AccessA$ Dips Supported, AUD/JPY Back Above 93.00
AUD/USD dips were supported overnight. The pair got down to the low 0.6900 region during NY trading, amid broad USD strength, but rebounded back close to 0.6960. We currently track around 0.6950. The A$ has outperformed safe havens over the past 24 hours.
- Cross asset signals remain mixed. There was an impressive rebound in US equities overnight, led by the tech sector, while the VIX slumped back below 22%. Better than expected US data helped the equity story.
- AUD/JPY continued to recover, the pair pushing above 93.00 late in the NY session. We are now around +2.75% higher than Tuesday's intra-day lows.
- US yields spiked but lost a lot of momentum into the close. The move lower helped AUD/USD rebound, although the US 2yr yield is not too different from this time yesterday in terms of yield.
- Weaker commodities were a headwind. Much on the focus on lower oil prices as US demand weakened. Brent crude isn't too far away from mid July lows and is below the 200 day MA ($98.45/bbl versus $97.10/bbl current). Metals were also weaker, copper (CMX) fell by 1.5%, while iron ore is back sub $110/tonne.
- On the data front today, June trade figures are out. The market looks for an easing of the trade surplus, back to A$14bn (from A$15.96bn last month), with exports expected to be flat and imports +3%. This is still a very healthy trade surplus from an historical standpoint.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.