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AUD: Lower US Yields Help A$ Stabilize

AUD
RegionGlobalBulletAPACForeign Exchange BulletsAustraliaMarkets

AUD/USD tracks near 0.6740 in early Friday dealings, close to intra-session highs from Thursday US trade. The currency rose 0.30% for the session, as USD sentiment faltered somewhat amid mixed data and Fed speak. After reaching fresh highs near 1247, the BBDXY USD index ended up under 1244, with yen and NZD rising 0.50% to be the best performers in the G10 space. 

  • FX markets saw volatility through the US data outcomes, with CPI hotter than forecast but initial jobless claims also spiked. AUD/USD initially dipped towards 0.6700 before rebounding quickly.
  • US yields ultimately ended lower at the front end, with the 2yr back to 3.96% (against intra-session highs of 4.09%). This aided the AUD, although it slightly lagged yen and NZD gains. Fed speak was mixed - Chicago Fed Goolsbee in total agreement with Chairman Powell, Atl Fed Bostic could see a pause in November.
  • Equity sentiment finished slightly softer for both US and EU markets (SPX down 0.21%), while the Bloomberg aggregate commodity index rose 1.56%, amid higher crude prices. The metals index was up 1.38%, with both copper and iron ore climbing. China equity sentiment ended modestly positive yesterday (CSI 300 up 1.06%).
  • The local data calendar is empty today.
  • For AUD/USD the 100-day EMA remains close to 0.6700 on the downside, while the 20-day sits higher at 0.6790. In the option expiry space, note the following for NY cut today: $0.6760-75(A$1.1bln). 
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AUD/USD tracks near 0.6740 in early Friday dealings, close to intra-session highs from Thursday US trade. The currency rose 0.30% for the session, as USD sentiment faltered somewhat amid mixed data and Fed speak. After reaching fresh highs near 1247, the BBDXY USD index ended up under 1244, with yen and NZD rising 0.50% to be the best performers in the G10 space. 

  • FX markets saw volatility through the US data outcomes, with CPI hotter than forecast but initial jobless claims also spiked. AUD/USD initially dipped towards 0.6700 before rebounding quickly.
  • US yields ultimately ended lower at the front end, with the 2yr back to 3.96% (against intra-session highs of 4.09%). This aided the AUD, although it slightly lagged yen and NZD gains. Fed speak was mixed - Chicago Fed Goolsbee in total agreement with Chairman Powell, Atl Fed Bostic could see a pause in November.
  • Equity sentiment finished slightly softer for both US and EU markets (SPX down 0.21%), while the Bloomberg aggregate commodity index rose 1.56%, amid higher crude prices. The metals index was up 1.38%, with both copper and iron ore climbing. China equity sentiment ended modestly positive yesterday (CSI 300 up 1.06%).
  • The local data calendar is empty today.
  • For AUD/USD the 100-day EMA remains close to 0.6700 on the downside, while the 20-day sits higher at 0.6790. In the option expiry space, note the following for NY cut today: $0.6760-75(A$1.1bln).