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AUD: AUDUSD Continues Weakening, More Fed Speak Later

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The weaker CNH has supported a 0.2% rise in the USD BBDXY, which has pressured Aussie along with softer commodity prices and lacklustre China/HK equities. AUDUSD is down 0.3% to 0.6458, close to the intraday low. Initial support is at 0.6434. The pair rose to a high of 0.6481 after data showing a narrower current account deficit and a robust public demand contribution to GDP.

  • Q3 net exports contributed 0.1pp, less than expected, and public demand 0.7pp to GDP growth. The current account deficit narrowed to $14.1bn from a revised $16.4bn. Q3 GDP is released on Wednesday and currently forecast to rise 0.5% q/q and 1.1% y/y.
  • AUDEUR is down 0.1% to 0.6162 after a high of 0.6174 and AUDGBP -0.1% to 0.5110. AUDJPY is little changed at 96.86. AUDNZD is 0.1% higher at around 1.1010, close to the intraday high.
  • Equities are mixed with the ASX up 0.7% but Hang Seng down 0.5%, while the S&P e-mini is flat. Oil prices are slightly lower with WTI at $68.02/bbl. Copper is down 0.3% and iron ore down to around $105/t.
  • Later the Fed’s Daly, Kugler & Goolsbee and ECB’s Cipollone speak. In terms of data, US October job openings and Spanish November unemployment print. 
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The weaker CNH has supported a 0.2% rise in the USD BBDXY, which has pressured Aussie along with softer commodity prices and lacklustre China/HK equities. AUDUSD is down 0.3% to 0.6458, close to the intraday low. Initial support is at 0.6434. The pair rose to a high of 0.6481 after data showing a narrower current account deficit and a robust public demand contribution to GDP.

  • Q3 net exports contributed 0.1pp, less than expected, and public demand 0.7pp to GDP growth. The current account deficit narrowed to $14.1bn from a revised $16.4bn. Q3 GDP is released on Wednesday and currently forecast to rise 0.5% q/q and 1.1% y/y.
  • AUDEUR is down 0.1% to 0.6162 after a high of 0.6174 and AUDGBP -0.1% to 0.5110. AUDJPY is little changed at 96.86. AUDNZD is 0.1% higher at around 1.1010, close to the intraday high.
  • Equities are mixed with the ASX up 0.7% but Hang Seng down 0.5%, while the S&P e-mini is flat. Oil prices are slightly lower with WTI at $68.02/bbl. Copper is down 0.3% and iron ore down to around $105/t.
  • Later the Fed’s Daly, Kugler & Goolsbee and ECB’s Cipollone speak. In terms of data, US October job openings and Spanish November unemployment print.