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AUD: A$ Outperforms, AUD/JPY Back Above Simple 200-day MA

AUD
RegionGlobalBulletAPACForeign Exchange BulletsAustraliaMarkets

AUD/USD ended Wednesday US trade little changed for the session, the pair track near 0.6885 in early Asia Pac Thursday trade. Dips under 0.6880 were supported through Wednesday trade, while the A$ outperformed most G10 currencies as USD indices rose (BBDXY +0.24%, DXY +0.42%), following the firmer ADP jobs report, which aided the US yield backdrop. 

  • AUD gains against JPY were notable as Wednesday's session unfolded, with dovish rhetoric from new Japan PM Ishiba around the BoJ rate outlook weighing on the yen (along with the US yield move). AUD/JPY tracks near 100.75/80 in currently, fresh highs back to late July in the pair. This is also through the simple 200-day MA near 100.00.
  • US yields finished 3.7-5.8bps firmer across the curve, led by the back end as the curve steepened. The ADP report was slightly stronger than expected, while the Fed's Barkin stated it was too early to declare a victory over inflation. Equity sentiment was close to flat for both EU and US markets. The VIX index remains sub 20%. Lack of fresh global equity losses a positive for the AUD/JPY cross.
  • In the commodity space, the aggregate Bloomberg index rose modestly, although oil prices are comfortably off recent highs, with no further major escalation in the Middle East. The metals index outperformed, up over 1%, which likely helped AUD at the margins.   
  • The local data calendar today has PMI services and composite revisions for the September print, also out is August trade data.
  • Also note the following option expiry for NY cut later today: $0.6890-00(A$963mln). 
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AUD/USD ended Wednesday US trade little changed for the session, the pair track near 0.6885 in early Asia Pac Thursday trade. Dips under 0.6880 were supported through Wednesday trade, while the A$ outperformed most G10 currencies as USD indices rose (BBDXY +0.24%, DXY +0.42%), following the firmer ADP jobs report, which aided the US yield backdrop. 

  • AUD gains against JPY were notable as Wednesday's session unfolded, with dovish rhetoric from new Japan PM Ishiba around the BoJ rate outlook weighing on the yen (along with the US yield move). AUD/JPY tracks near 100.75/80 in currently, fresh highs back to late July in the pair. This is also through the simple 200-day MA near 100.00.
  • US yields finished 3.7-5.8bps firmer across the curve, led by the back end as the curve steepened. The ADP report was slightly stronger than expected, while the Fed's Barkin stated it was too early to declare a victory over inflation. Equity sentiment was close to flat for both EU and US markets. The VIX index remains sub 20%. Lack of fresh global equity losses a positive for the AUD/JPY cross.
  • In the commodity space, the aggregate Bloomberg index rose modestly, although oil prices are comfortably off recent highs, with no further major escalation in the Middle East. The metals index outperformed, up over 1%, which likely helped AUD at the margins.   
  • The local data calendar today has PMI services and composite revisions for the September print, also out is August trade data.
  • Also note the following option expiry for NY cut later today: $0.6890-00(A$963mln).