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A$ Down On Iron Ore Fall

AUD

AUD/USD is back below the 0.6900 handle, last at 0.6890. We are only slightly below NY closing levels (-0.20), but the currency is underperforming the rest of the G10 FX space. The big miss on AU building approvals hasn't helped (-17.2%, versus -3.0% expected), but is likely not the main driver. AU yields have not moved adversely post the release of the data, which likely owes to the volatile apartment segment.

  • The bigger driver of the AUD pull back is likely early commodity price weakness in Asian markets. Singapore iron ore futures dipped below $100/tonne before stabilizing. The metal hasn't spent too much time below this level in 2022.
  • It's difficult to pinpoint a catalyst for the move. Bloomberg noted headwinds for the China steel sector yesterday, which could be weighing (see this link for more details). We are also seeing weakness in onshore steel markets in China, with hot-rolled coil down over 2%, while rebar has slipped more than 2.5% so far today.
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