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AUD/USD At Fresh Lows Back To Mid-July

AUD

AUD/USD has started today's session firmly on the back foot. The pair dipped below 0.6810, fresh lows since mid-July, before support emerged (last just under 0.6820). Cross asset signals are a headwind, particularly in the equity space, with US futures down sharply. The A$ is among the worst performers in the G10 space, although only modestly. AUD/JPY is holding around 95.00 at this stage, with USD/JPY pushing to fresh cyclical highs amid on-going yield momentum (US 2yr above 3.50%).

  • For AUD/USD, from a technical standpoint, 0.6789 is the 76.4% retracement of the July 14 - August 11 up leg. Beyond that is 0.6719, the July 15 low.
  • AU yields are pushing higher in line with core moves. The AU-US 2yr spread is back to -41bps.
  • Data coming up includes Q2 Capex figures and July housing lending.
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