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AUD/USD Back With A 0.6900 Handle

AUD

AUD/USD currently sits at 0.6905, a decent recovery on late Asia levels yesterday of around 0.6840. We got as high as 0.6925/30 overnight, as the DXY moved back sub 109.00 on the back of a EUR rebound. For AUD/USD, the 50-day MA remains close by at 0.6913. Today's data calendar has July building approvals on tap.

  • The A$ was middle of the pack from a G10 FX standpoint for the first session of the week. AUD/EUR dipped below 0.6900, amidst EUR outperformance (on lower EU gas prices), but we are back around this level now.
  • AUD/JPY is back close to 95.75. The pair shrugging off weakness in global equities, while the VIX closed above 26% (albeit finishing well below intra-session highs above 27.50%).
  • The yen is being undermined by policy divergences with the Fed and ECB. It was the weakest performer in the G10 space for Monday's session.
  • US yields moved off their intra-day highs from yesterday's Asian session. The 2yr finishing back at 3.42%. The AU-US 2yr spread has edged away from last week's lows sub -40bps, which has likely helped AUD at the margin.
  • Brent crude firmed further (to $105/tonne), but base metals slipped, down -0.75% for the aggregate Bloomberg index. Iron ore remained sub $102/tonne.
  • July building approvals for Australia are forecast to show a -3.0% dip, following a -0.7% fall in June. Such a backdrop is in line with the economy's cooling housing market.
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