AUD crosses knee-jerked lower and returned...>

AUSSIE: AUD crosses knee-jerked lower and returned to prior levels, as decent

revisions in the second est. of 2019.20 capex negated softer than exp. Q1 capex

& building approvals prints. This came after the Australian Fair Work Commission

lifting minimum wages by 3.0%, and the PBoC fixing the yuan slightly firmer than

expected provided a degree of support to the Aussie.

- Elsewhere, Fitch said that they exp. Australian GDP growth to slow to 2% this

year, the worst pace since the financial crisis.

- AUD/USD last seen at $0.6925, 8 pips better. Bulls continue to eye $0.6941,

which represents the 21-DMA, while bears target Monday's/yesterday's low of

$0.6904.

- AUD/JPY last deals at Y75.82, barely changed on the day. Bulls focus on the

Y76.00 mark, while the initial layer of support comes at the May 17 low of

Y75.33.

- AUD/NZD sits at NZ$1.0625, virtually unchanged on the day, with familiar

technical picture still in play.