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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessSofter Commodities/Equities Send The A$ To Session Lows
AUD/USD is around session lows, close to 0.6280 currently. This is -0.15% below NY closing levels, with an overall range of close to 40pips for the session so far.
- Commodities are tracking lower, with iron ore futures at fresh YTD lows, back to the low $91/tonne region. China hot-rolled coil and steel rebar futures are also off by more than 1% today and threatening fresh lows.
- As we noted yesterday, A$ correlation with commodities, particularly with iron ore, aren't that strong at the moment, but today's moves will no doubt be impacting sentiment to a degree.
- Headwinds to the China growth outlook appear to be driving sentiment. Onshore equities are lagging the rest of region, with the Shanghai Composite property sub-index down modestly, despite the Securities Times reporting more cities in China have cut mortgage rates.
- Regional equities are comfortably off earlier highs as well, giving up solid gains from the open, which has weighed on the A$ as well.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.