AUD: AUDUSD Off Intraday Highs But Finding Support From Commodities

AUDUSD is moderately higher at 0.6655 after a high of 0.6660 and a low of 0.6645. It has been buoyed by a softer US dollar and moderate recovery in commodity prices. The USD index is down 0.1% following the US election debate as US yields are lower (Harris’ PredictIT odds are up 3pts to 55).

• There hasn’t been any local data today but RBA Assistant Governor Hunter spoke on the labour market and noted that the central bank had been surprised how resilient hours worked, underemployment and the participation rate had been.
• AUDJPY is down 0.4% to 94.37 after a low of 94.14 as the yen has strengthened on hawkish BoJ headlines.
• AUDNZD is up 0.1% to 1.0827 following a high of 1.0835. AUDEUR is 0.1% lower at 0.6032 and AUDGBP is little changed at 0.5085.
• Equities are generally weaker with the ASX down 0.2% and Hang Seng -1.1%. The S&P e-mini is down 0.3%. Oil prices are higher with WTI up 0.9% to $66.32/bbl. Copper is up 0.6% and iron ore to over $91.50/t.
• Later the focus will be on US August CPI, which is expected to show headline easing to 2.5% y/y with core stable at 3.2%. There are also US August real earnings and UK July trade/IP/GDP. The ECB’s McCaul and Buch speak too.