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A$ Off Session Highs, RBA Financial Stability Review Out Tomorrow

AUD

AUD/USD is off session highs (last 0.6530), in line some modest USD retracement from earlier lows, as we head towards the London crossover. The pair couldn't sustain levels above 0.6540, which is where we also ran out of steam on Tuesday. Beyond that is the 23rd Sep high, just above 0.6590. We have still outperformed against the majors for the session so far, in line with higher US equity futures.

  • The exception is AUD/NZD, down -0.35%, albeit up from session lows sub 1.1250 (last 1.1265).
  • The AU-US 2yr spread has moved slightly away from recent wide, back to -91bps.
  • Commodities are mixed, copper +2% to $357 for CMX, while iron ore is slightly lower at $93.50/tonne for Singapore futures (although China markets remain closed).
  • Tomorrow the main domestic focus will be the release of the RBA Financial Stability Review. While unlikely to give any monetary policy clues the document will be eyed for any views around the housing market and households’ ability to service debt amid higher interest rates.
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