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A$ Underperforms USD Sell-Off, Credit Figures Out Today

AUD

The A$ was the second worst performer in the G10 space over the past 24 hours, only outperforming CAD. AUD/USD tracks just under 0.6500 in early trade, which is close to overnight highs. Credit figures are out today but are unlikely to move market sentiment.

  • AUD didn't get much of a lift from higher EUR and GBP levels. The DXY is back sub 112.00. AUD/GBP is back to 0.58425, right around the 50-day MA. AUD/EUR is back to the low 0.6600 region, under the 200-day MA (0.6647).
  • Renewed weakness in equity markets hit sentiment, amid hawkish Fed speak. while the VIX closed just under 32%, up slightly for the session.
  • Commodities were mixed, the aggregate Bloomberg index down a touch, but base metals were firmer (+2.59%), with copper up nearly 2%. Iron ore stuck to recent ranges, last around $96.50/tonne.
  • US and other core yields were higher, recovering some of the ground from the previous session.
  • The market expects today's August credit figures to show a 0.6% m/m gain, while the y/y print is forecast at 9%, little change from last month. The data calendar is busier next week, headlined by the RBA meeting (+50bps is the consensus expectation).
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