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AUD/UISD Drifts Down From 0.6500

AUD

AUD/USD sits close to session lows, last near 0.6470. The currency unable to find much positive traction from more positive China related sentiment. Earlier highs in the pair were at 0.6500. Highs from Wednesday, just above 0.6520 remain intact. Note lows near 0.6460 were supported in Thursday trade.

  • To be sure, China asset sentiment has cooled post earlier moves, USD/CNH is back near 7.2700 (earlier lows were sub 7.2400, post the FX RRR cut), while onshore equities sit away from earlier highs (CSI 300 last +0.65%, versus +1% earlier).
  • In the metals space, copper is +0.80% (CMX basis), while iron ore is sub $114/ton, close to recent highs, but little changed for today's session.
  • Some cautiousness may also be evident ahead of the US NFP print.
  • Earlier we had slightly weaker than expected home loans data (-1.2%m/m, versus a flat forecast). Next week delivers the RBA decision on Tuesday, no change is expected, while Q2 GDP prints on Wednesday.
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