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AUD/USD Close To Week To Date Lows, But Dips To 0.6760 Supported So Far


AUD/USD sits just above session lows, last in the 0.6765/70. Support appears evident around the 0.6760 level so far today. We are around -0.20% weaker versus Thursday closing levels in NY. We aren't too far away from Wednesday session lows at 0.6750/55. Note the 20-day EMA sits just below this at 0.6746, while the 200-day EMA is at 0.6712. Thursday highs sit back near 0.6850.

  • AUD appears to be seeing some fall out from the weaker equity tone in parts of the region today, with tech sensitive indices under notable pressure. This is driving a modest risk-off tone in the G10 FX space, with the AUD and NZD underperformers. AUD/JPY sits at 94.80, down from opening levels near 95.00. USD/JPY itself has rebounded from earlier lows, the pair back above 140.00 (earlier lows of 137.75).
  • Commodity markets are also seeing some pressure, particularly for iron ore, which is back to the $112.50/60ton region (-1.90%)
  • These themes are offsetting a still supportive yield differential backdrop, the AU-US 10yr government bond spread at +18bps, 2yr spread is -80bps, against recent lows around -90bps.

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