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US FX Handover: All Eyes on Aussie Ahead of RBA

  • Trade headlines dominated today’s trade, with President Trump tweeting that the US “won’t be losing anymore” on trade. Meanwhile, China still plans on sending a delegation to Washington this week, though its unclear whether top negotiator Liu He will make the trip.
  • The Japanese yen was the strongest major currency today, while the British pound and New Zealand dollar were the weakest in risk-off trade.
  • The Aussie finished in the middle of the major currency pack ahead of the RBA meeting in today’s Asian session.
  • US stocks recovered off their overnight lows, but still closed lower on the day. The S&P 500 remains in a healthy bullish trend at the moment.
  • Futures trader positioning is at its most bullish on the US dollar since 2015 – see more takeaways from the COT report.


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