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Eyeing Late July Highs, AUD/JPY Rises +1.60%

AUD

AUD/USD tracked a similar trajectory to the NZD, the pair getting to 0.6775 post the Asia close on Tuesday. We track in the 0.6760/65 region in early Wednesday trade, after posting a 0.80% gain for the Tuesday session (3rd best performer in the G10 space).

  • Risk on flows dominated, with positive equity gains and a dovish BoJ hold, driving strong AUD/JPY gains (+1.60%), with the pair last around 97.30.
  • For AUD/USD, we printed the best levels since late July. The moves further narrow the gap with the next upside level of 0.6821, the Jul 27 high.
  • Options markets moving in sympathy with spot so far Tuesday, prompting AUD/USD 1m risk reversals to edge to just 0.4 points in favour of puts, the small put premium since mid-2020.
  • Commodity indices were higher as well, the Bloomberg aggregate index +0.47%, metals +0.64%. Iron ore is relatively steady, last near $132.50/ton.
  • On the data front today we have the Westpac Nov Leading index.
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