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Softer Commodity Complex Keeps Lid On AUD

FOREX

The Australian dollar retreated alongside iron ore futures amid expectations of reduced demand from China, which outweighed the steepening of implied RBA tightening path inspired by Australia's strong core CPI outturn reported yesterday. AUD/USD ticked away from stiff resistance located around the 50% retracement of the Feb - Aug sell-off/200-DMA at $0.7557/59.

  • Broader defensive flows and fallout from a softer commodity complex were also in play, denting the high-beta pack. That being said, the kiwi proved resilient, and AUD/NZD snapped a three-day winning streak.
  • JPY garnered some strength as participants were after safe havens. USD/JPY moved lower and last trades at Y113.61 with sizeable option expiries with strikes at Y113.00 ($1.5bn) and Y113.70-90 ($2.3bn) coming up at today's NY cut.
  • The BoJ left their monetary policy settings unchanged, with the now standard dovish dissent from Kataoka. Nothing in the decision or accompanying rhetoric provided any material surprise.
  • The ECB pick up the monetary policy baton later today and their announcement will be followed by a presser with Pres Lagarde. The data docket features German unemployment & flash CPI as well as U.S. GDP & jobless claims.
Energy BulletsCommodities
Energy BulletsCommodities

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