Free Trial

Softer Iron Ore & Copper prices continue.....>

AUSSIE
AUSSIE: Softer Iron Ore & Copper prices continue to crimp demand for AUD as
protectionist worries do the rounds ahead of U.S. President Trump's formal
decision on the implementation of tariffs on China (due Friday).
- Yesterday's AU retail sales print would have provided some solace to the RBA.
As would a 5th consecutive lower 3-Month BBSW fixing, as FY end pressures
alleviate.
- RBA's Heath took to the wires overnight, and noted that recent econ data has
been positive, while she is more confident re: a sustainable pick-up in
non-mining investment. She also noted that the Bank is paying close attention to
house prices owing to effects on household wealth.
- AUD/USD last deals at session lows of $0.7365, support is noted at $0.7355/38
(61.8%/76.4% retracement of the move from $0.7311 to 0.7425), while resistance
is seen at $0.7438 (hourly recovery high Jun 25).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

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.