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AUD/USD Continues To Press Higher

AUD

AUD/USD has continued to grind higher, currently sitting at 0.6935, around session highs. Cross demand has supported the A$, with AUD/JPY pushing above 93.85 before selling interest emerged (last 93.75/80). AUD/NZD has also rebounded. The pair is back above 1.1100, following the downtick in NZ 2yr inflation expectations (3.07% versus 3.29% in the previous quarter). The cross couldn't sustain gains above the 1.1100 level last week. We had a number of highs between 1.1130/40 earlier in August and late in July, which are levels to watch on the topside if we push higher from here.

  • Cross asset signals don't appear to have influenced AUD greatly today. Commodities have been mixed, with oil higher but copper is off smalls, while iron ore is back to $110.50/tonne, despite higher onshore steel prices in China. The decline in rebar inventories is a potential positive for the demand outlook.
  • Note the calendar tomorrow in Australia holds the Westpac-Consumer Confidence print for August, along with the NAB business survey update (for July).
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