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A$ Rides Risk Rebound, ABS Updates Monthly CPI Indicator For July/August

AUD

AUD/USD rode the broader risk rally overnight, rebounding by 2.6% from lows close to 0.6360 to 0.6530. We currently sit slightly down from NY session highs at 0.6515. The combination of lower core yields (led by BoE bond buying), and firmer US equity market sentiment were the main catalysts for the turnaround.

  • Against the rest of the G10 complex, the A$ has only outperformed SEK, CAD and JPY over the past 24 hours.
  • AUD/JPY is back close to 94.00, up from lows late yesterday of 92.10/15. The US VIX index closed just above 30%, after pushing closer to 35% in early NY trade. Not surprisingly, the MOVE index stayed elevated (158.99), now close to 2020 highs.
  • On the data front, there should be some interest in the ABS's update of its monthly CPI indicator (for July and August). Note the official release of the monthly series will take still reportedly take place on October 26, when the Q3 report prints.
  • The monthly series capture 43% of the CPI basket, so it may be difficult to read too much into today's outcomes. Also out today is job vacancies data.
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