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Aussie Faces Combination Of Headwinds

FOREX

Cautious mood music returned into G10 FX space, even as dip-buying pushed most Asia-Pac equity benchmarks higher. The AUD led losses as local retail sales shrank more than expected, according to the flash reading for June. Relatively sizeable increase in NSW Covid-19 case count as well as softer crude oil and iron ore prices rubbed some salt into the Aussie's wounds.

  • Oil-tied peers CAD and NOK were dragged lower by weaker crude prices, which came under pressure after the latest API report pointed to the first expansion in U.S. stockpiles since May, with the weekly DOE report coming up today.
  • The Swiss franc paced gains among safe haven currencies and topped the G10 pile, while the greenback was the runner up.
  • USD/CNH retreated after the first half of this week failed to bring a break above the CNH6.5000 mark. The PBOC fix fell virtually in line with sell-side estimate.
  • The global economic docket is fairly empty today, with ECB's Visco & Perrazzelli set to speak.
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