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AUD/USD Testing Tuesday Lows

AUD

AUD/USD is holding lower post the Q2 GDP print, where the headline was close to expectations. Q/Q growth was 0.4%, in line with projections but Q1 was revised higher to 0.4% (from 0.2%). This left y/y growth slight above expectations, coming in at 2.1% (versus 1.8% forecast and 2.4% prior).

  • The currency last tracks near 0.6360, which is very close to Tuesday session lows, which came in just under these levels.
  • We are sub 0.6365, the Aug 17 low and bear trigger. 0.6285 is the Nov 4 low from last year and next potential downside target.
  • We are off around 0.30% so far today, with only NZD/USD marginally weaker in the G10 space.
  • Broader USD sentiment is positive, with the BBDXY +0.10% firmer so far today. US yields are a touch firmer at the back end, while equity sentiment is mixed in the Asia Pac region. HK/China equities have opened lower, which is an additional headwind for the A$.
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