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AUD/USD Dragged Lower by EUR

AUD

AUD/USD hasn't been able to breach the 0.6900 handle today and is drifting lower as we head towards the London/EU cross over. We were last at 0.6883, smalls up on NY closing levels. A weaker EUR (last 0.9920) is dragging AUD/USD lower but AUD/EUR is still around +0.30% for the session (0.6935). AUD/JPY is off earlier highs, back sub 94.50, as US equity futures edged lower.

  • AU yields have stayed on the front foot for the most part. The AU-US 2yr spread is back close towards -24bps, fresh highs back to July. The 2yr yield for Australia continues to trend higher, to multi month highs above 3.00%. This is likely to be helping A$ on crosses.
  • Although, as we highlighted earlier the preliminary PMI prints for August suggest some shine is coming off the domestic growth backdrop.
  • Iron ore has recovered some ground but only as far as $103-$104/tonne. Copper is down slightly.
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