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A$ Stronger Following US Debt Bill Passage & Better China Data

AUD

AUDUSD trended down during the APAC session to reach an intraday low of 0.6485 before bouncing back above 0.6500 following the passage of the US debt-ceiling bill through the House of Reps and the rise in the Caixin PMI above 50. AUDUSD is currently around 0.6508, close to the intraday high. The USD index is steady.

  • AUDJPY is up 0.2% to 90.76 and AUDNZD is 0.2% higher at 1.0826. Aussie is +0.1% versus the euro and pound at 0.6091 and 0.5235 respectively.
  • Equity markets are mixed in APAC trading with the ASX up 0.2% and the CSI 300 +0.6% but the KOSPI down 0.3%. The S&P e-minis are flat. Brent is up 0.6% to $73.06/bbl after sinking over the last 2 days. Copper and iron ore have risen sharply following the US debt-ceiling news today up 1.5% and 2.1% to $103.15/t respectively.
  • Later the Fed’s Harker speaks on the economic outlook. There are also US manufacturing PMI/ISM, Challenger job cuts, jobless claims and final Q1 productivity/ULC. In Europe, ECB President Lagarde speaks and PMIs, preliminary May CPI and unemployment rate are released.
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