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Firmer Commodities Help A$ Outperform

AUD

AUD/USD late rebound from yesterday extended towards 0.6360 overnight, fresh multi week highs, before a pull back. We sit back at 0.6280 currently, comfortably above yesterday's lows, just under 0.6230. The pair is still modestly higher in the past 24 hours, with the currency outperforming all others in the G10 space (albeit by a slim margin). The domestic data calendar is empty today.

  • The pull back in the AUD coincided with fresh highs in US yields (the 2yr printing above 4.61%), amid on-going Fed hawkish speak and resilient labor market data. Yield spreads remain skewed against the AUD, although more downside has been evident in 10yr spreads with the US over the past week (moving towards -20bps).
  • US equity sentiment remained softer, while EU equities climbed. The US VIX still edged down though, closing sub 30%. AUD/JPY got above 95.00 before retracing, largely due to lower AUD/USD levels, as USD/JPY pushed above 150.00. AUD/JPY is back to 94.30/35 now.
  • Commodities were firmer, particularly in the base metal space. The Bloomberg aggregate index rising just over 2%. Some positive spill over from China's potential easing of quarantine covid restrictions for international arrivals likely helping at the margin.
  • Iron ore recovered from a dip sub $90/tonne late yesterday, to be back above $91/tonne.

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