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Free AccessChina Economic Concerns Weigh On Commodity Currencies
The AUD was the worst performer in the G10 against the USD falling a percent, as concerns over China continued to weigh on commodity currencies overnight. AUDUSD hit a low of 0.6273 overnight but has returned above 0.6300 and is now trading at 0.6312. DXY ended the day flat.
- Despite the trend lower yesterday, the AUDUSD didn’t test its initial support of 0.6210. Resistance is at 0.6391, the 20-day EMA. Technicals continue to indicate the currency is in a bear trend.
- AUDNZD recovered overnight and is now at 1.1087. AUD made back some of its losses against GBP, after reaching a low of 0.5547 it’s trading at 0.5597. AUDJPY traded below 94 for most of the northern hemisphere session and is now around 94.06.
- Equity markets were up across the board with the S&P500 +1.2% and Eurostoxx +1.5%, despite disappointing PMI data. The VIX finished at 29.85%, down from early session highs, but little changed from closing levels last week. Oil prices were down slightly on Chinese demand concerns, WTI -0.3% to $84.81. Iron ore was also down to $90.75 for the same reason. And copper prices fell 1.2%.
- The focus for the day is likely to be the first budget for Australia’s new government,which is to be delivered tonight at 1930AEDT. In the US, October consumer confidence is released.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.