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Weaker Equities Weigh on AUD, Retail Sales Data Out Next Week

AUD

AUD/USD is not too far away from session lows as head towards the EU cross over. The pair was last at 0.6618, versus an earlier low of 0.6610. Some stabilization has coincided with a modest recovery in US equity futures, but there hasn't been much follow through buying in the A$. AUD/JPY is around -0.50% versus NY closing levels, last at 94.10/15. The A$ has underperformed the rest of the G10 space as well.

  • AU bond yields have played catch up, after markets onshore were shut yesterday. Still the trend for September is moving against the AUD. We are still around -25bps wider on the AU-US 2yr spread.
  • Commodities have tracked recent ranges, with iron ore around $98.50/tonne currently.
  • Next week's data calendar highlight will be the August retail sales print on Wednesday. The market expects a 0.5% print (versus +1.3% last month).
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