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AUD/USD Lower, But Support Ahead Of 0.6650, Housing Data Doesn't Impact Sentiment

AUD

AUD/USD was last around 0.6670/75, still around 0.20% off NY closing levels from last week. Still, we are up from earlier lows close to 0.6650. Markets have moved away from earlier extremes in terms of the oil price bounce and higher US yield backdrop. Brent was last around $84/bbl, versus earlier highs near $86.50/bbl, while the US 2yr yield is around 4.08% against an earlier high close to 4.10%.

  • Just released housing data was mixed. Home loans coming in at -0.9% m/m (-1.8% forecast and prior revised to -2.4% from -5.3%). Building approvals were softer though at +4.0% (10% forecast), but private sector houses were +11.3% m/m (prior -13.5%).
  • Earlier the inflation gauge confirmed that the AU inflation peak was behind us.
  • Tomorrow, the RBA cash rate is expected to be left unchanged at 3.60%.
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