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AUD Undermined by RBA, Weak Chinese Markets

FOREX
  • The dollar is dominant in early Tuesday trade, with the greenback favoured as US participants return from their Labor Day bank holiday. Markets retain a generally risk-off backdrop, with US equities futures under pressure thanks to the resumption of the climb higher in US yields. The 10y yield has resumed trade and risen back above the 4.20% - weighing on global appetite.
  • The resulting USD strength is pressing major pairs lower, with GBP/USD plumbing a new pullback low at 1.2528 to expose 1.2487 and the 200-dma at 1.2422.
  • AUD takes up the bottom position in G10, with AUD weaker against all others following the RBA rate decision overnight. The bank kept policy unchanged, with markets reading into the bank's view that the peak in inflation has now passed. Persistent weakness in Chinese markets also undermined the currency, putting AUD/USD within range of key support and the bear trigger of 0.6365.
  • The data schedule is topped by US July factory orders, accompanied by the final durable goods orders release. Central bank speakers include ECB's Visco and Schnabel.
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