A$ Shrugs Off RBA Pause, Starts Session Just Under 67c

Aussie completely recovered its post-RBA losses versus the greenback during the later sessions to outperform most of the G10 as AUDUSD trended towards 0.6700. Stronger commodity prices provided support. After dipping to 0.6642 following unchanged rates, AUDUSD is now up 0.3% and trading around 0.6691. The USD index is 0.1% higher.

• AUDUSD remains in a bearish trend following recent weakness. Initial support and bear trigger is at 0.6596, June 29 low, and initial resistance at 0.6721, June 27 high.
• AUDJPY reached a low of 96.08 following the RBA but traded higher to finish up 0.1% and is now around 96.64. AUDNZD broke through 1.08 to reach an intraday low of 1.0781, given the rate differential. It is 0.4% lower at 1.0805. AUDEUR rose 0.6% to 0.6149 and AUDGBP +0.1% to 0.5263.
• The US was closed on Tuesday but European equity markets were slightly lower with the Eurostoxx down 0.2% and FTSE -0.1%. Oil prices rose strongly with Brent up 2% to $76.12/bbl. Copper prices fell 0.2% and iron ore is steady around $110.50/t.
• Today the final June Judo Bank composite and services PMIs print. There is also the China Caixin June composite/services PMIs.