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A$ Lower As Commodities Fall, RBA Minutes In Focus Tomorrow

AUD

AUD/USD losses have deepened as we head towards the EU/London cross over. The pair was last in the low 0.7080 region, around 0.55% below NY closing levels. This is under lows from the Friday session. The 100 day MA for AUD/USD comes in at 0.7080 today.

  • Both AUD and NZD have underperformed against other G10 FX, particularly the safe havens. AUD/JPY is down sub 94.40, after being above 95.00 in early trade.
  • The spill over from a weaker CNH has been evident for the AUD, much like the rest of the Asian complex. Cross asset signals have mostly been negative following the weaker than expected China activity data for July.
  • The downside in equities has been fairly modest though. China stocks aren't too far away from flat, while US futures are down -0.20-0.30% at this stage.
  • Commodities are seeing slightly larger falls. Copper is off by close to 1.3%, while oil is off by 1%. Iron ore is back to the low $108/tonne region (-1.8% for the session).
  • AU yields have underperformed as well, with the AU-US 2yr spread back to -39bps.
  • Tomorrow's data calendar holds the RBA minutes of the August meeting. Will also have the CBA household spending measure for July.
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