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AUD/USD Close To Session Lows

AUD

AUD/USD is close to session lows as we head towards the London/EU cross over. The pair is around 0.6715/20 currently. This looks to be more driven by broader USD strength rather than cross-asset signals, which are mostly positive. Support is still holding around the 0.6670/75 region for now from a multi-day standpoint.

  • Firmer equity sentiment hasn't been able to aid the currency much, after an early pop higher towards 0.6750.
  • Yield differentials have moved against the currency, but this is more to do with better fiscal news in Australia rather than a less hawkish RBA backdrop. The 2yr is down 4.5bps to 3.085%.
  • Commodities are also positive for iron ore (+1.5% to $98.55) and copper (+0.80%).
  • The A$ is outperforming NZD, with the AUD/NZD cross holding above 1.1310. However, it is slightly down against other majors.
  • The data calendar is fairly light for the rest of the week, with the Westpac leading index out tomorrow and preliminary PMIs out on Friday.
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