AUD/USD Just Above Week To Date Lows, Aggregate Commodity Indices Lower

AUD/USD was the second worst performer in G10 markets for Thursday's session, falling 0.60%. Only JPY fared worse, falling 0.86%. Moves towards or just above 0.6800 have drawn selling interest in recent sessions. In the NY session on Thursday we got close to week to date lows near 0.6740. We sit slightly higher in early dealings today, last 0.6755/60.

• This week's AUD pull back is still seen as corrective, with focus on support at the 20-day EMA at 0.6735. A break of this average would expose the 50-day EMA, at 0.6701. Key short-term resistance has been defined at 0.6900, the Jun 16 high.
• The Bloomberg aggregate commodity index lost nearly 1.5% for Thursday, with weaker energy prices weighing. The base metals index was only down a touch, but iron ore remains off recent highs, last around $111/ton.
• Higher core yields likely weighed on the broader commodity backdrop, amid hawkish surprises from both the BoE and Norges Bank.
• Today in Australia we have Judo Bank preliminary PMI readings for June. The prior for manufacturing was 48.4, for services 52.1.