Pressured, Weakness In US Equities Weighs

AUD/USD prints at $0.6580/85, ~0.1% softer in yesterday's trading.

• AUD was pressured in the NY session. Weakness in US Equities sparked by the collapse of Silvergate, which had been under growing regulatory pressure, and a stock sale by SVB weighed on risk appetite.
• AUD/USD fell ~0.9% from peak to trough, finding support below $0.6580 in late trade.
• The pair's downtrend remains intact. Downside support comes in at $0.6547, 61.8% retracement of the Oct-Feb bull cycle, then $0.65 round number support. Resistance is seen at $0.6695.
• AUD/JPY fell ~1%, breaking support at ¥90.00. Next downside target for bears is the low from 20 Dec at ¥87.03
• Cross asset flows were mixed; US Treasury Yields fell; 10 Year Yield was down 7bps, and the DXY fell 0.4%. S&P500 was 1.8% lower. In the metals space Iron Ore futures were ~1.4% firmer and Copper was a touch softer.
• The domestic data calendar is empty today.