The commodity currencies put up a strong fight but are finally being dragged down by the relentless selling in equities. The S&P 500 is down 2.1% and threatening the lowest close since January 27.

Given the backdrop, the 10-25 bps declines in the commodity currencies today are surprisingly benign. Some of that if the market pricing in less of a chance of Fed hawkishness. Commodities are no help with oil down 2% and broader commodities struggling.

Overall, some selling is kicking up on the 15 minute AUD/USD chart but you would be hard pressed to find such a benign chart on any day over the last decade with a 2% S&P 500 drop.

AUDUSD 15 mins