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A$ Outperforms Despite China Headwinds

AUD

AUD/USD is not too far off session highs, last just above 0.6420 (+0.15% for the session). Earlier we couldn't get above 0.6430. Note highs from NY trading on Friday sit in the 0.6435/40 region. On the downside we have support at 0.6404, the 20-day EMA.

  • The currency has outperformed the weaker lead from dips in China PMIs and higher USD/CNH levels. Iron ore is lower, but away from worst levels, last just above $79/tonne. Onshore steel prices in China are lower as well.
  • Yield spreads are lower against the USD, last at -123bps for the 2yr spread, up slightly on earlier lows around -125bps.
  • The regional equity lead is more positive for the AUD, which has also helped NZD push higher. The AUD/NZD cross is back to 1.1030, down from the earlier spike above 1.1050.
  • Both currencies have outperformed the rest of the G10.
  • The focus tomorrow is very much on the RBA decision, where +25bps is expected, see our preview here for more details.
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