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AUD: A$ Lower Amid Lower Metals/Higher US Yields

AUD
RegionGlobalBulletAPACForeign Exchange BulletsAustraliaMarkets

AUD/USD tracks near 0.6840 in early Friday dealings, having lost 0.65% for Thursday's session, the third worst performer in the G10 space. GBP slumped over 1% amid dovish BoE rhetoric, to be the worst performer. USD FX indices gained further ground, the BBDXY up 0.32% to near 1233. All G10 currencies finished lower against the dollar for Thursday trade.

  • For AUD/USD, downside support points will be eyed at the 20-day EMA (0.6816), while the 50-day is at 0.6747. Thursday intra-session lows were at 0.6830. 0.6942, the Sep 30 high, is the recent high.
  • Broader USD sentiment was supported by US data outcomes, with the services ISM well above expectations (although the employment sub index faltered). US Tsy yields finished 4.8-7.4bps firmer across the key benchmarks. Equity sentiment was slightly softer, although more so for EU markets.
  • Commodity indices were mixed, the Bloomberg aggregate index up 0.76%, with oil prices up strongly on hints Israel may strike Iranian oil facilities. The metals index fell 2.07% though. Copper fell by this amount and iron ore was off close to 1%, as the Hong Kong, China related equity bounce stalled. This likely weighed on AUD at the margins.
  • Today's data calendar has August household spending. The market expects a 0.5%m/m rise, versus 0.8% prior. August home loans figures are also due. Note as well the following option expiry for NY cut later: $0.6850(A$784mln). 
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AUD/USD tracks near 0.6840 in early Friday dealings, having lost 0.65% for Thursday's session, the third worst performer in the G10 space. GBP slumped over 1% amid dovish BoE rhetoric, to be the worst performer. USD FX indices gained further ground, the BBDXY up 0.32% to near 1233. All G10 currencies finished lower against the dollar for Thursday trade.

  • For AUD/USD, downside support points will be eyed at the 20-day EMA (0.6816), while the 50-day is at 0.6747. Thursday intra-session lows were at 0.6830. 0.6942, the Sep 30 high, is the recent high.
  • Broader USD sentiment was supported by US data outcomes, with the services ISM well above expectations (although the employment sub index faltered). US Tsy yields finished 4.8-7.4bps firmer across the key benchmarks. Equity sentiment was slightly softer, although more so for EU markets.
  • Commodity indices were mixed, the Bloomberg aggregate index up 0.76%, with oil prices up strongly on hints Israel may strike Iranian oil facilities. The metals index fell 2.07% though. Copper fell by this amount and iron ore was off close to 1%, as the Hong Kong, China related equity bounce stalled. This likely weighed on AUD at the margins.
  • Today's data calendar has August household spending. The market expects a 0.5%m/m rise, versus 0.8% prior. August home loans figures are also due. Note as well the following option expiry for NY cut later: $0.6850(A$784mln).