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A$ Range Trading As Markets Nervous Re US Debt Talks

AUD

AUDUSD has been trading in a tight range during the APAC session with little local news and is currently around 0.6648. It reached a high earlier at 0.6668 but has come off that over the last hour. It is also down versus most of the major crosses. The USD index is off its intraday low but is still 0.1% lower .

  • AUDJPY is down 0.3% to 91.47, close to the intraday low. Aussie is down 0.2% against the euro to 0.6144 and -0.1% pound to 0.5336. AUDNZD is steady around 1.0598.
  • Equity markets are currently mixed across the region with the ASX down 0.4%, the Nikkei flat but the CSI 300 up 0.4%. The S&P e-minis are 0.1% lower, as the US debt-ceiling issue remains unresolved. Oil prices have been declining since Asia opened and Brent is now down 0.6% to $75.11/bbl, close to the intraday low of $74.94. Copper is down 0.6% and iron ore is down to just above $103/t.
  • The focus later on Monday will be the in person talks between President Biden and House Speaker McCarthy. There is little in terms of data but the Fed’s Bullard speaks on the US economy and monetary policy. Bostic, Barkin and Daly are all scheduled to talk too.
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