Still Supported; Q1 GDP Partials Out Today

AUD/USD spent the post Asia close drifting higher and while we couldn’t break meaningfully through 0.7200, we track just below this level this morning.

• Cross asset signals were generally positive, with EU equities higher. US equity futures are opening below yesterday's highs though, as Russian sanction news weighs in early trade today
• Commodities were higher on China optimism around re-opening, with Brent above $121/bbl, while iron ore also rose. We are back to $137/tonne, while gold remained range bound.
• There was no cash UST trading due to the Memorial Day holiday.
• Today, the data calendar has a host of Q1 GDP partials, with the Q1 current account, net export contribution to GDP (-1.4ppt expected), Q1 inventories (0.7% expected) and company profits (5.0% expected) all due.
• April building approvals (2.0% expected) and April credit data (0.5% expected) are also on tap. Weekly ANZ consumer sentiment also prints. Note Q1 GDP is out tomorrow.
• China official PMI prints will also be a focus point for the AUD.
• It was also announced that the Labor Government has secured 76 seats in parliament, giving it a majority, albeit a very slender one.