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AUD/USD Tracking Equity Sentiment, Loses Ground Against NZD, GBP

AUD

AUD/USD is off its earlier highs. The pair ran out of momentum around the 0.6495 level, last at 0.6480. The currency is underperforming against the likes of GBP and NZD, but this only partly reverses the recent outperformance theme from the A$ against these currencies.

  • AUD/NZD is back to 1.1415/20 after posting fresh cyclical highs above 1.1450. AUD/GBP holds above 0.6000, after tracking above 0.6200 early yesterday amidst the depths of the pound sell-off.
  • As we noted earlier, A$ correlations with risk measures are very strong at the moment. Not surprisingly, the AUD/USD rebound lost some momentum as the Eminis bounce couldn't get beyond the 3700 level (last around 3692).
  • Commodities aren't moving a great deal, while yield spreads are off earlier highs (2yr AU-US back to -81bps).
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