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Eyeing 0.7000 Handle

AUD

AUD/USD is at fresh multi month highs. The pair last around 0.6915/20 (+0.60% for the session). We have trade through Sep 3 highs of 0.6916, with late August levels just above 0.6950, and beyond that the 0.7000 handle, the likely next upside targets.

  • The USD is weaker across the board, with the BBDXY now down 0.35% to 1240/41, but AUD is outperforming. NZD/USD is tracking the A$, last at 0.6380/85, +0.60% for the session.
  • The risk on tone from earlier has continued, although signals from the cross asset space haven't uniformly improved further. US equity futures haven't built on earlier gains, still around the +0.20/+0.25% region.
  • Iron ore is back below $116/tonne, around $2 lower for the session. Oil and gold are presenting a more upbeat picture.
  • Yield spreads are still nudging in the AUD's favor, the 2yr spread last around -95bps, we were close to -150bps in November last year.
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