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$ Off Intraday High, Iron Ore Holding At Elevated Levels

AUD

AUDUSD reached a high of 0.6766 ahead of January building approvals data but sank on the disappointing data to 0.6745. It is currently trading close to that at around 0.6748. The USD index is trading flat today.

  • Another disappointing data read has driven the Aussie off of its intraday highs against most currencies. AUDNZD is still up 0.1% on the day but is now trading around 1.0812. AUDJPY is down 0.1% to 91.98. Aussie is also down 0.1% versus the euro and pound at 0.6330 and 0.5615 respectively.
  • Equity markets are higher in APAC today despite the fall in the S&P on Wednesday. The ASX is up 0.2% and the Nikkei +0.1% but the S&P e-mins are down 0.2%. Oil prices are stable with WTI at $77.70/bbl. Copper prices are down 0.2% and iron ore is holding above $127/t.
  • Later today the focus is on the euro area with February CPI and the ECB minutes. The Fed’s Waller and Kashkari speak. Tomorrow Australian housing finance for January prints and is expected to decline 3% m/m.
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