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Marginally Higher, Iron Ore Weakness Continues, Trade Data Out Today

AUD

AUD/USD was mid range from a G10 standpoint for Wednesday's session, up around 0.20%. The pair last tracked at 0.6700 in early Thursday trade. NY session lows were close to 0.6685, while earlier highs came in the 0.6710/15 region, so all in all still within recent ranges.

  • The A$ outperformed both JPY and NZD, the only two currencies to fall against the USD on Wednesday. For AUD/NZD we reversed losses seen in Tuesday trade. The pair is back to 1.0760.
  • Yen was weighed down by a firmer US yield backdrop, as the Fed's Williams said he expects the central bank to keep a restrictive stance for a while. AUD/JPY hit multi week highs close to 97.70 and sits just below this level in early Thursday dealing.
  • US equities finished off session highs, but still posted firm gains (SPX +0.57%). In the commodity space, the aggregate Bloomberg index fell 0.72%, while metals rose a touch (0.16%). Iron ore fell further though, last at $132.50/ton in terms of the Singapore active contract (-7% from its early 2024 peak).
  • On the data front today we have Nov trade figures on tap, the trade surplus is expected at A$7300mn (close to the October outcome). In the option expiry space, we have the following for NY cut later: $0.6675(A$730mln), $0.6690(A$517mln).
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