A$ Back Above 0.6800, But Softer Metals Cap Rebound

AUD/USD recovered from late NY session lows near 0.6780 to current levels near 0.6810. This leaves the currency just a touch firmer for Thursday's session. USD indices faded late in NY trade, but were close to unchanged for the session, amid mixed trends across the G10.

• Beyond Thursday session lows for AUD/USD, the 0.6755 level is also eyed, which is trendline support drawn from the Oct 13 low from last year. The 100-day EMA comes in at 0.6831 on the topside, with moves yesterday also drawing selling interest closer to 0.6840.
• The local data calendar is empty today. As we move into next week, focus will shift to Q4 GDP (out Wednesday).
• Cross asset drivers were supportive from an equity standpoint, with S&P rising 0.53%, while US yields edged lower, mainly at the back end (10yr off 3bps to 3.885%) amid mixed US data.
• Aggregate commodity indices were down, more so in the base metal space, as copper fell by 3%. Iron ore is back below the $130/tonne level, slightly off recent highs.
• AUD/NZD remained near recent lows, running out of steam above 1.0960 (last near 1.0925/30).