AUDUSD Given Up Most Of Post-Data Gains, AUDJPY Highest Since 1991

Aussie jumped following stronger-than-expected May retail sales and building approval data. AUDUSD is 0.1% higher at 0.6672, off the intraday high of 0.6678 which followed the figures. AUDJPY has been climbing driven by a widening rate differential and today it rose to 107.93, its highest since 1991, boosted by the strong Australian data. Pricing for an RBA hike in August increased today but is still below post-May CPI highs. The USD index is slightly higher.

• AUDJPY is currently 0.2% higher at 107.84, off the intraday high. AUDNZD is up 0.1% to 1.0978 after a peak of 1.0986. AUDEUR rose to 0.6215 but is now around 0.6208, while AUDGBP is up 0.1% to 0.5260.
• Equities are generally stronger with the ASX up 0.2% and Hang Seng +0.3% but CSI 300 is down 0.5%. The S&P e-mini is 0.1% lower. Oil prices are higher with WTI +0.4% to $83.15/bbl. Copper is little changed and iron ore is around $110-111/t.
• Later the Fed’s Williams speaks at the ECB’s Sintra conference and ECB President Lagarde gives the closing remarks. ECB’s Lane, Cipollone and de Guindos also appear. In terms of data, US June Challenger job cuts/ADP employment, services ISM/PMI, May final durable orders, trade balance, jobless claims and June FOMC minutes are released. There are also June European services/composite PMIs and May euro area PPI data.