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Free AccessMNI China Daily Summary: Friday, September 15
US$ Credit Supply Pipeline
AUD Struggles On Weaker Risk Appetite
The AUD tested the 0.6200 round number support a number of times, although breaks were not sustained. The low was 0.6189. There was broad based USD strength on Friday, as US data generally printed stronger than expected. The AUD was also the worst performer in the G10 versus the USD (-1.6%) on the pull back in risk appetite. It is now trading at 0.621.
- As AUD is now hovering around the 0.6200 mark, the next support level is 0.6170 (October 13 low) and then 0.6133.
- AUDNZD lost ground on Friday and began the week lower again but has picked up a bit from its start and is now at 1.1145/50. AUDJPY fell to 92.11 and is trading at 92.25. AUD was even down against GBP reaching 0.5505 but is now 0.5530/35.
- Commodities were weaker across the board as risk aversion and demand concerns continued. WTI oil prices fell 3.9% and Brent 3.1%. LME metal prices fell 0.9% and iron ore is $95-$96.
- There aren’t any events in Australia today but RBA Deputy Governor Bullock speaks tomorrow and the RBA minutes are also published, and the employment numbers for September are released on Thursday. Developments in the UK will continue to be watched closely.
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