MNI BRIEF: Japan Corp Loan Demand Rises - BOJ Survey

BOSTIC: IF INFLATION REACCELERATES, HAVE TO CONSIDER HIKES

MNI BRIEF: Fed's Bostic - Rate Cut Likely At End of Year

MNI BRIEF: Beijing Opposes U.S. Measures Against Chinese Steel

MNI China Daily Summary: Thursday, April 18

MNI BRIEF: M2 Growth To Slow On Weak Demand - PBOC's Zou

Japan Mar Core CPI +2.6% Y/Y; Energy Price Fall Narrows

JAPAN MARCH SERVICES PRICES +2.1% Y/Y; FEB +2.2%

MNI JAPAN MARCH CORE CPI +2.6% Y/Y; FEB +2.8%

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

AUD/USD Dragged Higher

AUD

AUD/USD has been dragged higher on the back of broader USD softness and higher NZD/USD levels as the session has progressed. Dips sub 0.7000 are still supported for now, and we last tracked around 0.7020. To be fair though, the AUD/NZD cross has rebounded nicely from earlier lows. The cross is back above 1.1040, up from earlier lows of 1.0990. The 2yr swap spread has moved away from post RBNZ lows, from -63bps to -58bps. Whilst AU wages disappointed earlier, a number of local banks are still pencilling in a 50bps rate hike at the September RBA meeting. There was a dip in futures pricing dipped post the wages print but we are now basically back to unchanged levels (just above 2.20% for the Sep RBA meeting).

  • In terms of other cross asset drivers, outside of Korean equities, regional bourses are higher, although the lead from US equity futures has been indifferent.
  • Commodities have been mixed, with oil and copper edging higher but iron ore is down to a $103/tonne handle, which is -2.5% for the session. This comes despite positive onshore China equity market sentiment, particularly in the property sector (+1.65%). The 2 series don't always move in sync though.
  • Note tomorrow the focus shifts to the July jobs report in Australia. The market expects 25k in jobs growth (versus 88.4k previously), and an unchanged unemployment and participation rate (3.5% and 66.8% respectively).
Metals bulletHomepagemarkets-real-timeCommoditiesBulletMarketsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.