AUD/USD Just Shy Of 0.6900, Local Media Reports Lowe Won't Be Reappointed As RBA Governor

AUD/USD maintained its uptrend post the Asia close on Thursday. We got close to 0.6900, as the currency gained ~1.5%, to be amongst the top G10 performers. We last sat just under 0.6890. Similar drivers were at play to Wednesday's session, with lower US yields and better risk appetite weighing on broader USD sentiment. A weaker than expected US PPI print aided these moves.

• In terms of technicals, mid June highs at 0.6900 are nearby, a break above would open up 0.6936, the Feb 16 high. Beyond that lies 0.6993, the 76.4% retracement of the Feb 2 - May 31 bear leg. Initial support lies at Thursday’s intraday low of 0.6784. A firmer level lies at 0.6694, the 20-day EMA.
• Commodity indices were higher, the aggregate Bloomberg index +1%, the base metals +1.45%. Iron ore is back towards $112/ton, copper (CMX basis) +2.26% to $394.
• The US VIX index held near recent lows, but didn't break down further. Still, AUD/JPY recovered further ground, the pair getting above 95.30 in NY trade (last 95.05/10). Yen was the weakest performer within the G10 space.
• The ABC news organization has reported that RBA Governor Lowe won't be re-appointed, with the Australian Cabinet to meet this morning to decide on his replacement, with Treasury Chalmers to make an announcement after this.
• The local data calendar is empty today.