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A$ Slightly Off Session Highs, RBA Mins & Deputy Governor Speech In Focus Tomorrow

AUD

AUD/USD is down slightly from session highs, running into some resistance ahead of 0.6240. We last sat at 0.6225/30, +0.45% for the session. The currency is on par with GBP for best performers within the G10 space so far today. Still, the DXY remains above 113.00, so overall gains are very much within recent ranges.

  • Gains today have followed US equity futures for the most part. As we noted earlier, correlations with global equities generally remain quite firm.
  • Commodities, outside of oil, have tracked lower, copper (CMX) back to the low $340 region. Iron ore is back under $92/tonne in terms of the active iron ore contract in Singapore. This is right on YTD lows and -2% down for the session.
  • A fresh lockdown in a tech related hub in China and little sign of a major turnaround on Covid related policies in the country is likely weighing at the margin.
  • Tomorrow, RBA minutes and a speech by Deputy Governor Bullock, titled 'Policymaking At The Reserve Bank' will be the focus.
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