AUD/USD has been on the backfoot in the first part of today's session. We currently sit around 0.6500, -0.25% below NY closing levels. A mix bag of data hasn't shifted sentiment a great deal. job ads fell slightly, while weaker housing loan/finance data was offset by a rise in building approvals (more details to follow). The market focus rests with the upcoming RBA meeting. 50bps is expected, with focus likely to rest with on the pace of tightening going forward.
- The A$ is not receiving much support from higher equities in the region/higher US futures. Broader USD sentiment is marginally firmer against the majors.
- The AU-US 2yr spread is close to -80bps, away from recent wides. Commodities are slightly higher.