Goldman Sachs on metals , their view is prices are forming a bottom
- GS citing China policy easing as supportive for economic activity (data is weakeneing but policy put in place quickly to ensure stable growth)
- impact of tariffs on demand for metals has been built into pricing
- headwinds from USD diminishing
On FX, see room for more yuan weakness, but not much more (ps. I posted GS on the yuan yesterday: Goldman Sachs on the yuan, looking for USD/CNY around 7 but not sustain)
Meanwhile AUD might be in agreement, ticking a little higher so far this session
Plenty to come from Australia later:
0130 GMT Australia Housing finance data for June
0305 GMT Reserve Bank of Australia Governor Philip Lowe speech
more to come