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AUD/USD Hits Fresh YTD Low, Before Stabilizing

AUD

AUD/USD hit a fresh YTD low under 0.6670 before stabilizing. The pair is back to 0.6675/80, so not too far off the session lows. This is line with the majors recovering slightly against the USD. From a technical perspective, 0.6647 is a Fibonacci projection, while beyond that is 0.6612, a low from end May 2020. On the topside, yesterday's high was close to 0.6750.

  • Outside of the obvious drivers from the Fed, iron ore prices will be watched. We last sat at $94.40/tonne not too far away from early September lows just below this level.
  • The data calendar is empty tomorrow, preliminary PMIs print on Friday.
  • AUD/NZD is off recent highs, last just under 1.1340.

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