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AUD: Busier AUD Futures Contrast With Quieter Start in G10 FX

AUD
  • Despite the more muted currency markets across G10, AUD is seeing better activity, with the uptick in volumes across the bounce off 0.6686 keep futures volumes in AUD above average for this time of day.
  • AUD/USD spot has recovered off lows despite equity futures not leading the pair higher - the shakier details of the Australian GDP stats overnight were countered by better M/M household spending.
  • AUD/JPY could prove key for the outlook ahead, with the cross over-exposed and closely correlated to both equity indices and equity vol measures. Any further selling pressure on stocks, or a recovery in Fed rates pricing, could add to recent downside here, and drag AUD/USD back toward the 0.6669 50-dma.
  • AUD/JPY was rejected off the 200-dma resistance at 99.99 this week - which could prove key on any recovery rallies or buy-the-dip strategies.
  • RBA Governor Bullock is set to speak tomorrow in Sydney (Thurs), but the Governor is likely to stick to the recent script in terms of the rates outlook - refusing to rule out any options on policy ahead.
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