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A$ Pushing Higher, AUD/JPY To Fresh Week To Date Highs

AUD

AUD/USD is trying to break above Tuesday's highs at 0.6967. Higher NZD levels are helping drag AUD higher, with the AUD/NZD cross relatively steady around 1.1060 at the moment. The A$ is seeing outperformance against other G10 FX currencies. AUD/JPY is at fresh week to date highs above 93.35.

  • The AU-US 2yr spread is up around 4bps on the day to -42bps, albeit remaining within recent ranges.
  • Regional equities are mostly firmer, although China is an exception, giving up earlier gains. The property sub-index is down for a 7th straight session.
  • This is filtering through to iron ore prices, down to $108/tonne, lows back to 26th of July.
  • This is taking some of the shine off the bumper trade surplus report from earlier. The surplus hit a fresh record high of A$17.7bn in June thanks in large part to higher commodity export revenues.
  • For tomorrow, the main domestic focus will be on the RBA Statement of Monetary Policy.
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AUD/USD is trying to break above Tuesday's highs at 0.6967. Higher NZD levels are helping drag AUD higher, with the AUD/NZD cross relatively steady around 1.1060 at the moment. The A$ is seeing outperformance against other G10 FX currencies. AUD/JPY is at fresh week to date highs above 93.35.

  • The AU-US 2yr spread is up around 4bps on the day to -42bps, albeit remaining within recent ranges.
  • Regional equities are mostly firmer, although China is an exception, giving up earlier gains. The property sub-index is down for a 7th straight session.
  • This is filtering through to iron ore prices, down to $108/tonne, lows back to 26th of July.
  • This is taking some of the shine off the bumper trade surplus report from earlier. The surplus hit a fresh record high of A$17.7bn in June thanks in large part to higher commodity export revenues.
  • For tomorrow, the main domestic focus will be on the RBA Statement of Monetary Policy.