AUD/USD 2% Off Yesterday's Highs, RBA Financial Stability Review Out Today

AUD/USD found support sub 0.6400 during the NY session, but we aren't too far away from current overnight lows, last at 0.6410/15. The overnight low of 0.6390 was above Sep 28 cyclical lows, which came in close to 0.6360. The A$ is around middle of the pack for the past 24 hours in terms of G10 performance, as the USD is higher across the board.

• The main domestic focus point today is the RBA Financial Stability Review. This is not typically a market mover, but as we noted yesterday, there could be focus on RBA thinking around the housing market outlook and households' ability to service debt amid a rising rates environment.
• Cross asset signals were a headwind for the AUD overnight, particularly from an equity market standpoint (VIX back to +30%). AUD/JPY is back at 93.05 (versus highs above 94.50 late yesterday).
• Base metal gains eased, with copper back to $345, -1.55%. Iron ore is around $94.40/tonne, having had a rangebound week around recent lows, with China markets out.