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A$ Breaks Above 0.6800, Iron Ore To Fresh Cyclical Highs

AUD

AUD/USD sits atop the G10 basket in terms of gains against the dollar for Thursday's session. We are around 0.6800 currently (Thursday highs 0.6804), positing a gain of just over 1%.

  • Thursday moves extended the recent break higher in AUD following the recent move above 0.6691 (Dec 4 high), the bull trigger. Next levels on the topside are 0.6821, the Jul 27 high, and then 0.6900, the Jun 16 high and a key resistance.
  • The BBDXY fell 0.60% for Thursday's session amid a broad recovery in US equity sentiment (SPX +1%). US data was mixed, while US yields recovered from intra-session lows to finish higher.
  • In the commodity space, the aggregate Bloomberg index was down -0.11%, while the metals index was close to flat. Iron ore rallied though to fresh cyclical highs above $138/ton.
  • The local data calendar just has Nov private sector credit on tap today.
  • In the option expiry space, we have the following for NY cut: $0.6625(A$768mln), $0.6650(A$1.7bln), $0.6775(A$1.5bln).
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