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AUD/USD Falters On Firmer USD Tone, RBA Coming Up Later

AUD

AUD/USD is drifting lower, in line with softer tones elsewhere against the USD. The pair last sat close to 0.6700. This is around mid-range in terms of recent ranges, with lows from last Thursday around 0.6620/25 against recent highs at 0.6820/25.

  • The weaker than expected China Caixin manufacturing PMI has likely weighed, although regional equities are still mostly trading with a positive bias, as are US futures.
  • AUD/JPY is largely holding onto Monday gains, the pair last close to 95.60, although there is selling interest above 95.80 in terms of recent dealings.
  • On the data front, earlier we had June home loans fall -1.0%, (+1.8% forecast), while building approvals fell -7.7% (close to the -8.0% forecast). The data didn't impact sentiment though.
  • Coming up in a few hours is the RBA decision. It remains a close call, with market pricing roughly a 33% chance of a 25bps hike today.
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