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Still Sub 0.6700 But Outperforms G10 Last Week, Inflation Gauge, Job Ads Out Today

AUD

AUD/USD was the top G10 performer for Friday's session up 0.35%, as most G10 currencies posted modest gains against the USD. We track slightly higher in early Monday dealings, last around 0.6675/80. Friday highs came in around 0.6685. This leaves us broadly within recent ranges, with the pair largely 0.6600/0.6700 in recent weeks.

  • The A$ outperformed last week, the best G10 performer, in part thanks to the monthly May CPI beat, which fueled RBA hike expectations, although the Deputy Governor played down shifting policy off one data point.
  • From a technical standpoint, we have to clear 0.6714, the May 16 high and bull trigger. On the downside, 0.6576 is the June 10 low and key support.
  • In the cross asset space, US yields rebounded on Friday from intra-session lows after the slightly weaker PCE print. The 10yr back near 4.4%. In the equity space, EU and US markets finished weaker.
  • Commodity indices were down in terms of the Bloomberg aggregate (-0.33%), while the metals index rose 1.04%. Iron ore (active SGX contract) is back towards $107/ton.
  • Today we have the final Judo Bank PMI for June. The Melbourne Institute inflation gauge is also out for June, along with ANZ-Indeed job ads.
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