US TECHNOLOGY: MNI Hyperscalers EOD - August 21, 2026

The AUD/USD had a range overnight of 0.6981-0.7005, Asia is currently trading around 0.6995. The AUD/USD has stalled above 0.7000 for now as the broader US Dollar is supported by the move in US yields. Risk continues to trade ok though even with a disappointing result from Tesla, Google's revenue came in above estimates but it has again raised expectations for CAPEX exceeding wall street expectations. This could potentially weigh on the market. US yields continue to tell a story as the 2-Year yield makes new highs for the year around 4.30%. This is keeping the USD supported for now. I suspect it will be tough for both risk and yields to continue to push higher at the same time. No change in the Middle-East, the longer this goes on the more likely it expands into something more significant. On the day, I suspect short-term the AUD will likely continue to find some initial support toward 0.6960-0.6980. I continue to be skewed toward fading this rally between 0.7000-0.7050 though looking for the price to top out at some point and turn lower again. Employment data today will be closely watched.

• (Bloomberg) - “Alphabet Inc. now expects capital spending to total as much as $205 billion this year, eclipsing its previous guidance and far exceeding Wall Street’s expectations. Shares declined. The Google parent projected capital expenditures of $195 billion to $205 billion in 2026, up from a previous estimate of as much as $190 billion and above the roughly $186 billion that analysts had estimated.”
• MNI - Q2 Labour Data Likely To Print Weaker Than RBA Forecast In May. June jobs data are published on Thursday and will round out Q2. Given the data is volatile, the quarterly averages will be important in gauging labour market trends. The RBA looks deeper than headline unemployment and employment numbers and so hours worked, youth unemployment and underemployment will also be important indicators.  
• Options : Closest significant option expiries for NY cut, based on DTCC data: 0.6900(AUD744m), 0.6930(AUD1.01b), 0.7030(AUD467m). Upcoming Close Strikes : 0.6930(AUD1.01b July 23), 0.7080(AUD1.37b July 24) - BBG
• The AUD/USD Average True Range for the last 10 Trading days: 35 Points
• Data/Event: Employment 

Fig 1: AUD/USD spot Daily Chart

Source: MNI - Market News/Bloomberg Finance L.P

Source: Bloomberg Finance L.P./MNI 

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• Singapore to Sell 364-Day Bills
• Bank of Thailand to Sell 35 Billion Thb of 182-Days FRNs
• Singapore to Sell S$6.3 Billion 364-Day Bills
• Taiwan to Sell NT$20 Billion 20-Year Bonds