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Bad News For Copper


AUDJPY is highest since Monday

AUSSIE: AUD/USD holds steady at $0.6788, unfazed by flash CBA PMI readings, all
three of which slipped into contractionary territory. 
- Thursday's price action was mostly driven by duelling U.S.-China headlines.
Some selling pressure emerged from the off as the contentious Hong Kong bill
passed U.S. Congress, but a BBG report citing Chinese VP Liu as "cautiously
optimistic" brought reprieve. Gains were extended into the European session amid
reports that China invited top U.S. trade reps to Beijing, while the U.S. might
delay the Dec round of tariffs even if the initial truce is not struck by then.
That said, AUD/USD eased off thereafter with SCMP sources warning that the HK
bill could become a barrier in trade talks.
- Bears look for a slide under the 61.8% retracement of the Oct rally at
$0.6770. a break here would open up the Oct 17 low of $0.6752. Bears target the
$0.6811 50-DMA, ahead of the 100-DMA which comes in at $0.6832.
- Looking into the Australian docket for next week, construction work done,
capex and private sector credit figures are due on Wednesday, Thursday and
Friday respectively. RBA Gov Lowe and Dep Gov Debelle both speak on Tuesday.
MNI London Bureau | +44 203-865-3806 |