MNI China Daily Summary: Monday, Aug 5

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AUD lose further ground

FOREX
  • The Dollar is mostly better bid during our European morning session.
  • The USD trades in the green against all G10, besides the Yen, as US yield fades this morning.
  • Overnight story was the Dovish RBA, scrapping its April 2024 0.1% Bond yield target, and putting cold water over aggressive tightening.
  • AUD was sold overnight and remains deep in the red against all majors,
  • In G10s, JPY is the best performer versus the Aussie, up 1.10%.
  • Further downside extension in AUDJPY eye a test at the 22nd October low at 84.609.
  • AUDUSD is near immediate support at 0.7454 Low Oct 22.
  • A more subdued session for other crosses, EURUSD is better offered , but trades in a more limited range.
  • EURUSD sees large option expiry for today, with 1.82bn at 1.1585, which could act as a magnet. for the pair.
  • Initial support for EURUSD moves up to 1.1582, and break below the latter sees extensions to 1.1535/24 Low Oct 29 / Low Oct 12 and the bear trigger.
  • Last week/Month saw good demand in EURUSD ahead of 1.1500, in the outright spot but also via options with put sellers.
  • The last time EURUSD traded below 1.1500 was July 2020.
  • .Looking ahead, very little on the data front, speakers include ECB Elderson and de Cos
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