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AUD outperforms, Yen struggles

USD
  • The Dollar was steady across the board against G10s overnight, the outlier was of course the Aussie that spiked following the Australian CPI beat, pushing Market participants to re assess the rate path, with August Hike back on the table, now running at ~40%.
  • AUDUSD was up 0.57% pre European Govie Cash open, now up 0.59%, but the focus is still on the AUDJPY, now at new intraday high, and edging closer to the 107.00 handle.
  • Key target is at the 2007 triple top situated circa 107.0873, which is also the highest print since 1991.
  • US Treasuries did dip somewhat, was worth a 3 big ticks move on the Australian inflation beat, with notable overnight volumes for Tnotes (TYU4).
  • As such, USDJPY stays elevated and near the 160.00 figure into the European session, with the key level seen at 160.17, the 2024 high and highest level since 1990.
  • It is also worth noting that the 1990 high is situated at 160.20, highest print since 1986.
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