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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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Free AccessA$ Sees Negative Spill Over From China Equity Losses
AUD/USD is close to session lows, around 0.6330, which is -0.75% for the session so far. After JPY & SEK, AUD is the weakest performer within the G10 space. Late last week, dips sub 0.6230 generated support. On the topside, note the 20-day EMA comes in at 0.6385.
- NZD is also lower, but the A$ is still underperforming. The AUD/NZD cross back below 1.1050 (last 1.1045/50).
- Spill over from negative China/HK sentiment has been evident. Sharp losses in the HSI China enterprise index have been notable (~5%), which has trimmed around 1% off US Emini futures.
- China data was mixed, although positive IP growth/better imports hasn't impact sentiment a great for the A$. China iron ore imports were up 3.6% in September, but are still down in y/y terms.
- Commodities have been relatively quiet, although iron ore is down from earlier highs ($93/tonne), back to $91/tonne.
- Earlier comments from RBA Assistant Governor Kent didn't suggest a great deal of alarm around current FX levels, highlighting the TWI is more important for imported inflation pressures. The preliminary services PMI for October also slipped into contractionary territory.
- The domestic focus now shifts to Tuesday evening's budget update, followed by Q3 CPI Wednesday.
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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.