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A$ Surges As Commodities Strengthen, Including Iron Ore

AUD

AUDUSD has surged 0.4% to 0.6447, close to the intraday high of 0.6451. Resistance is at 0.6480. It has been supported by a weaker greenback (USD index -0.1%) but also the jump in iron ore prices to $112-114/t during APAC trading. The local stock market is also higher.

  • Aussie is stronger against other major currencies too, especially Europe. AUDEUR is up 0.3% to 0.5939 but off the intraday high of 0.5942. AUDGBP is also +0.3% to 0.5059. AUDNZD is 0.1% higher and above key level 1.08 again at 1.0814. AUDJPY is +0.2% to 93.89.
  • Equity markets are mixed across the region with the ASX rallying 0.7% but the Hang Seng down 0.2%. The S&P e-mini is 0.3% higher. WTI oil prices are up 0.1% to $79.69/bbl after falling earlier in the session. Copper is higher +0.2%. Iron ore is currently around $112.50/t.
  • Later there are preliminary US and European PMIs for August. There are no Fed speakers.
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