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A$ Stronger As China Buoys Risk Appetite

AUD

AUDUSD is off its intraday low of 0.6725 driven by more positive risk sentiment following China’s July Politburo statement increasing support for the property market and including plans to resolve local government debt issues. It is currently trading 0.3% higher at 0.6758, close to the high of 0.6759, while the USD index is 0.1% lower.

  • AUDJPY is up 0.1% to 95.48 but off the high of 95.50. AUDNZD is 0.1% higher at 1.0874. Aussie is stronger again versus the euro and pound at 0.6102 and 0.5265 respectively.
  • Equity markets are generally stronger following the China news with the ASX up 0.4% and Hang Seng +2.9 but the Nikkei down 0.2%. S&P e-minis are slightly lower. Oil is in a narrow range but higher during APAC trading with Brent at $82.88/bbl. Copper is up 0.2% and iron ore to around $114/t.
  • Later there is US May house price data, July consumer confidence and Richmond Fed. There is also the July German Ifo survey. Tomorrow the focus will be on Australia’s Q2 CPI data and then the Fed decision.
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