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Aussie Tad Softer, NSW Off For Holiday

AUD

AUD/USD has come under pressure as the new week got underway, with the market digesting underwhelming official Chinese PMI data, with the m'fing gauge unexpectedly falling into contraction. Continued Sino-U.S. tensions over House Speaker Pelosi's potential visit to Taiwan (it's been omitted in her official itinerary) generate further headwinds for the Aussie.

  • Note that liquidity will be affected by a public holiday & financial market closure in New South Wales.
  • In terms of cross-asset signals, e-mini contracts sit in the red, while S&P/ASX 100 futures are a tad higher. Crude oil prices have slipped in early trade.
  • AUD/USD last deals at $0.6972, down 13 pips on the day, with bears looking for a retreat through Jul 21 low of $0.6859 & Jul 18 low of $0.6786 towards Jul 14 low & bear trigger of $0.6682. Bulls set their sights on $0.7069, the high print of Jun 16.
  • Melbourne Institute Inflation & ANZ Job Advertisements will cross the wires later today. Later this week, focus will turn to the RBA's monetary policy decision, due tomorrow, with the quarterly SoMP coming up Friday.
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