AUD/USD Up From Lows, RBA Unchanged, Lower HK Equities/Metal Prices Weighing

AUD/USD hasn't reacted a great deal to the as expected RBA outcome (cash rate held steady at 4.10%). The central bank left the door for further tightening, which was also largely expected by the market. For the currency we sit close to 0.6350, a touch above session lows (0.6337). We are within striking distance of last week's lows at 0.6330.

• Broader risk trends are dominating AUD for now. The weaker equity backdrop led by Hong Kong is hurting sentiment (with property headwinds from China still weighing). Iron ore is down, back near $117/ton (-1.0%), while copper is down 0.90%.
• US yields are away from earlier highs, nearly back to flat at the front end of the curve (down at the back end). This has likely helped trimmed A$ losses, although we still sit -0.20% lower for the session so far.