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AUD Underperforming Today As Market Digests Friday’s Stronger US Data

AUD

MNI (Australia) - Aussie is underperforming the G10 today as the USD rallies as APAC responds to Friday’s firmer US PPI data. DXY is +0.3% on Friday’s NY close. AUDUSD is currently trading around 0.6760 just off its intraday low of 0.6757 and down 0.5% on Friday’s close.

  • Given the stronger data in the US on Friday and UST yields little changed to slightly higher today, the AUD hasn’t received support from better Covid news from China.
  • AUD is down against the major crosses after generally gaining on Friday. AUDJPY is down 0.3% to 92.57. AUD is down against GBP and EUR and -0.2% versus NZD to around 1.0585.
  • Equity markets across the region have generally followed the US lower with the ASX down 0.7%, Hang Seng -1.3% and CSI 300 -0.4%. S&P e-minis are also down 0.3%. WTI oil prices are up around 0.5% today to about $71.40/bbl after being stable on Friday. Iron ore is trading down to just under $109.50.
  • Tuesday sees survey data print in Australia. Events overnight are light. The November NIESR GDP estimate in the UK is released.
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