Free Trial

Today's Asia-Pacific session saw U.S.........>

AUSSIE
AUSSIE: Today's Asia-Pacific session saw U.S. President Trump appear at a
campaign rally, stating that "China broke the deal" and "will be paying for
this." These hawkish comments dragged AUD/USD into negative territory. Although
the pair breathed a (brief) sigh of relief, as Trump added that "whatever
happens with trade talks [...] it will all work out," it eventually resumed its
downside move. Additional pressure came from the release of China's credit
growth data, which revealed a bigger slowdown than exp.
- AUD/USD last trades at $0.6975, 14 pips worse off. Bears look to the 4-month
low of $0.6963 touched on May 6 before challenging the lower 1.0% 10-DMA
envelope at $0.6944, while bulls continue to target $0.7000.
- AUD/JPY shed 27 pips overnight and last deals at Y76.67, with AUD & JPY
sitting at the opposite ends of the G10 pile in the wake of broader risk-off
flows inspired by Trump's comments. A dip through the lower 2.0% 10-DMA envelope
at Y76.30 would expose the Y76.00 mark, while the initial topside attention is
drawn to the downtrend resistance at Y77.20.
- Australian focus turns to the RBA SoMP, due on Friday.

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.