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A$ Trending Lower, Looks Through RBA Minutes

AUD

Aussie has largely looked through the June RBA minutes which confirmed its hawkish hold (see MNI Is Monetary Policy Restrictive Enough?). AUDUSD was trending down to a low of 0.6642 before the release driven by a stronger US dollar (USD index +0.1%). The pair bounced to 0.6651 following the minutes but has now continued to move lower and is at 0.6643.

  • Aussie is weaker against the major crosses except kiwi. AUDNZD is 0.1% higher at 1.0973 as softer OIS weighed on NZD. AUDJPY is down 0.2% to 107.37 after breaking above 107.50 on Monday. AUDEUR is down 0.2% to 0.6188, close to the intraday low. AUDGBP is -0.2% to 0.5256.
  • Equities are mixed with the ASX down 0.4% but the Hang Seng up 1.2% and CSI 300 +0.3%. The S&P e-mini is down 0.2%. Oil prices are marginally higher with WTI +0.2% to $83.56/bbl. Copper is up 0.1% and iron ore is steady around $110/t.
  • Later the Fed’s Goolsbee appears and Fed’s Powell, ECB’s Lagarde and BCB’s Campos Neto speak in Sintra. Also the ECB’s Schnabel, de Guindos and Elderson talk. In terms of data, there are May US JOLTS job openings and preliminary June euro area CPI.
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