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AUD/USD Close To 0.6700, Ignores Solid Q2 GDP Update

AUD

AUD/USD is around 0.6710/15, just up from fresh lows for the session. The currency has ignored a solid Q2 GDP update, which came in at expectations for the quarterly print (0.9% q/q), while the y/y pace was slightly firmer at 3.6% (3.4% expected). The detail suggests solid consumer spending and business machinery and equipment investment. Nevertheless, the A$ is very much in lockstep with broader USD trends. The DXY is attempting to breach above 110.50 (through overnight highs).

  • AU yields haven't moved a great deal post the release of the data. The 2yr is holding around 3.05% (+3.5bps for the session). The AU-US 2yr spread is at -44bps, towards the bottom end of recent ranges.
  • Commodities are mostly lower in terms of copper and iron ore, which is adding to the bearish mood.
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