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Edging Lower, AUD/JPY Sub 91.00

AUD

AUD/USD is slightly below NY closing levels, last around 0.7070/75. Dec housing data showed loans coming in slightly weaker than expected (-4.3%, -3.0% forecast), while the prior month was revised down. The data hasn't impacted FX sentiment though. Weaker US equity futures is crimping the regional equity rally, while the other focus point is some softness in commodity prices.

  • Copper (CMX basis) is steady around $409, after falling over 3% in the past few sessions. Iron ore is under $123/ton, close to recent lows.
  • AU yield spreads are mostly lower in the first part of trade, the 10yr back to flat versus the US.
  • AUD/JPY is sub 91.00, last around 90.95, as the yen sees some outperformance, while AUD/NZD is back to the low 1.0920 region, but is seeing some support closer to 1.0900, see the above post for more details.
  • For AUD/USD the post FOMC low came in close to 0.7040, while recent dips sub 0.7000 have also been supported. On the topside, we couldn't sustain moves above 0.7150 yesterday.
  • Next Tuesday sees the RBA meeting, with +25bps expected.
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