Commodity tied FX suffered in early Asia.....>

AUSSIE: Commodity tied FX suffered in early Asia following the announcement by

the Trump administration of an additional $200bn of tariffs on Chinese imports

with effect from Sep 24. But, as several newswires pointed to a watered down

tariff, risk returned to the table. AUDUSD was quick to pare losses and squeezed

back above $0.7200 on release of the RBA minutes. The upbeat view on growth and

the domestic labour market allowed the RBA to reiterate that the next move in

its cash rate will likely be up. AUDUSD touched extended react highs of $0.7209

and holds firm at the European crossover. Bulls need a close above $0.7200 to

change the short-term outlook opening a move toward $0.7216/27 (Sep14 high,

21-dma). AUDUSD last $0.7206.