A further deterioration in risk sentiment during the European and then early-US sessions saw AUD/USD lose its already tenuous grip on the psychological 0.70 level in early New York trade, the pair’s first foray below 0.70 since 9th February 2016. Back then, AUD was in the process of recovering from a low of 0.6828 in turn the lowest since early 2009. The low Overnight has been 0.6800 (0.6955 now). That the AUD has not come back up with a revival in US stocks – and related fall in the VIX to close at 23.25 from above 28 earlier in the US session owes something to weakness in base metals prices. Copper and aluminium are currently showing losses of 2.2% and 2.7% respectively. Iron ore futures are actually up by about 1%, but on a day-to-day basis iron ore is much less influential on AUD than base metals or oil. After the US Markets closed Apple came out and lowered its Q1 guideline sending the Futures Market sharply lower. This is turn saw a massive move in the Japanese Yen which traded to an overnight low of 104.90 before recovering to sit at 107.70 as I go to press.
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