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Early Losses Recovered

FOREX

AUD and NZD recovered early losses. AUD/USD dropped as low as 0.7335 before bouncing, last trades down 4 pips at 0.7346. Westpac consumer confidence fell 4.4% to 104.1 while Melbourne extended its lockdown by at least 7-days, and in NSW there were 344 new cases.

  • NZD/USD is up 3 pips. For New Zealand BNZ said that NZ job ads rose 1.7% M/M in July and now sit 28% above pre-Covid levels. There is little of note left on the local docket today, but New Zealand's REINZ House Sales, food price index & the RBNZ's measure of inflation expectations will all hit the wires tomorrow.
  • USD/JPY is 7 pips higher, NHK released a poll showing that support for the cabinet fell 4pp to 29% in another sign of rapidly faltering support for beleaguered PM Suga. Flash machine tool orders are due later today, with PPI coming up tomorrow.
  • USD/CNH is down 55 pips, offshore yuan declined for a third straight session yesterday. Markets continues to digest the PBOC's quarterly monetary policy report which many view as confirming the Central Bank's dovish bias.
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