Goldman Sachs on metal prices - say forming a base

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

• Australia Housing finance data June (home loans, investor lending) due today - preview

0305 GMT Reserve Bank of Australia Governor Philip Lowe speech

• AUD traders - heads up for Reserve Bank of Australia Governor Philip Lowe speech today

more to come