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AUD/USD Close To Session Lows

AUD

AUD/USD has drifted back towards session lows as we approach handover with EU/London markets. We were last at 0.6955, with support still evident ahead of 0.6950 for now. The DXY has ticked higher (back above 108.60), while equity sentiment has weakened through the afternoon session. China equities are in the red, along with US futures, albeit modestly. The AU-US 2yr spread has seen a -9bps dip today, a decent move, which takes the spread back to -40bps, versus -20/-25bps earlier in the week.

  • Outside of offshore drivers, note the domestic data calendar kicks off again next Monday, with July retail sales on tap.
  • The market expects a rise of +0.3% for the month (versus +0.2% in June), which is an upgrade from earlier in the week, when the market forecast was negative. Clearly, Bloomberg has now received more survey responses. The range of forecast outcomes is wide though, +1.0 to -1.5%.
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