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AUD
AUD/USD is up from the lows, basing ahead of 0.6910, to be back close to flat on the day. AUD/JPY has rebounded from sub 90.00 and is back close to 50 day MA at 90.57
- Better tone for US equity futures and key Asia Pac equity indices is the main driver of the turn around.
- Commodities still generally soft. Iron ore around $125/tonne in Singapore.
- Correlations with yield spreads lower compared to last week, now that RBA is behind us. Correlations with commodities and equities remain quite high though, see the table below.
- Domestic data upbeat in terms of NAB survey (particularly business conditions) and slightly better than expected Q1 retail sales. Not a big driver of sentiment in the near term though, given the weaker near term correlation for yield spreads.
Table 1: AUD/USD Correlations
Source: MNI - Markets News/Bloomberg
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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