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AUD/USD Holding Near Session Lows

AUD

AUD/USD has continued to drift lower this afternoon, although the pair hasn't made fresh lows for the session. We last tracked around 0.7065/70, a little over -0.30% below NY closing levels. The AUD has underperformed slightly against the rest of G10 FX, but only by a small margin.

  • Today's session looks to be more about some consolidation after the strong surge we saw overnight, rather than any negative cross-asset signals. Regionals equities are higher, while US equity futures have maintained positive gains throughout the session (+0.20 to +0.30%). Commodities are steady for the most part, outside of gold weakness.
  • AU yields are up for the session but are away from best levels (2yr last at 2.775%, +3bps for the day).
  • Note the domestic data calendar is empty tomorrow.

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