AUD pressure points
• Quiet times. US equities & yields consolidate. JPY’s revival continues. USD/JPY & AUD/JPY lower. Can this trend extend?• Commodity moves. Pull-back in base metal & energy prices continues. China growth concerns a driver. But copper price levels are still high.• AUD pressure. Commodity moves exerting pressure on AUD. Global PMIs due today. Bank of Canada also expected to cut rates again. The limited economic and geopolitical news flow meant it was a largely uneventful session overnight across most asset classes. US equities ended the day slightly lower (S&P500 -0.2%) with underwhelming earnings results from a couple of megacap stocks...