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AUD/USD Back Above 0.7100, But AUD/NZD Threatening 100 Day MA

AUD

AUD/USD is back above 0.7100, recovering from an earlier dip to 0.7090. The pair last tracked at 0.7115, fresh highs for the session. As has been the case this week though, Asian time zone trading ranges have remained fairly tight. The A$ is seeing modest outperformance on crosses, most notably against JPY, with AUD/JPY making fresh highs back to late July at 94.75. AUD/NZD continues to slide though, eyeing a test of the 100 day MA, at 1.1007.

  • Cross asset sentiment has been mixed in the equity space, with regional Asia Pac equities struggling for clear direction. US futures are holding modest gains though (+0.10% to +0.20%).
  • Commodities are off a touch, with Brent lower, while copper and iron ore are also down. These latter two commodities are very much within recent ranges though.
  • AUD/USD is getting support on the yield front. AU-US 2yr spreads are through -40bps and around -35bps now, which is multi week highs.
  • Yield momentum still looks favourable against NZD, but this is not yet translating into AUD/NZD stability/support. The cross is 1.1025/30 last, smalls higher from earlier lows around 1.1015.
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