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Pullback Considered Corrective


Holding Above Recent Lows


BLOCK, Large 3Y Midcurve Put Condor

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AUD/USD wavered Monday but managed to eke out some gains at the end of the day, as BBG gauge of commodity prices crept higher to a new six-year high.

  • On the geopolitical front, Foreign Min Payne told reporters yesterday that Australia has made "a number of" attempts to initiate high-level talks with China "on many occasions recently," but these offers have not been taken up.
  • RBA Gov Lowe will speak on "Delta, the Economy and Monetary Policy" at the annual fundraiser of the ANIKA Foundation today, while his colleagues Ellis and Jones will testify to the Standing Committee on Tax and Revenue.
  • Australia's data docket is headlined by house price data and NAB Business Confidence today. Westpac Consumer Confidence and labour market report are due Wednesday and Thursday respectively.
  • With AUD/USD last sitting at $0.7369, virtually unchanged on the day, bulls look to a move through Sep 3 high of $0.7478 before taking aim at the 50% retracement of the May - Aug sell-off/Jul 13 high at $0.7499/0.7503. Bears would be pleased by a fall through the 50% retracement of the Aug 20 - Sep 3 rally/Aug 30 low at $0.7291/0.7285.