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Aussie Weaker As Asian Equities Weaker

AUD

AUDUSD has fallen 0.3% during APAC trading and is currently around 0.6855, close to the intraday low of 0.6845. It reached a high of 0.6887 earlier. Initial support is at 0.6818, the May 10 high. Lack of details on additional Chinese stimulus seems to have weighed on risk appetite and China equities are down. The USD index is 0.1% higher.

  • Aussie has lost 0.3% against the euro and pound at 0.6267 and 0.5348 respectively. AUDJPY is down 0.3% to 97.28 but off the intraday low of 97.13. AUDNZD is down less than 0.1% to around 1.1019.
  • Equity markets are mixed with the ASX up 0.7% but the CSI 300 down 0.8% and property stocks -2.1%. But S&P e-minis are 0.7% higher. Oil is weaker on the pull back in risk sentiment with Brent down 1.5% to $75.49/bbl. Copper is down 0.4% and iron ore is lower to around $113.50/t.
  • There is little on the calendar later with the US closed today. The focus on Tuesday is the RBA minutes and Deputy Governor Bullock’s speech.
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