A$ Higher, But Recent Ranges Hold, Consumer Confidence Out Today

AUD/USD finished Monday's session nearly 0.25% higher and tracks near 0.6655/60 in early Tuesday trade. This leaves the pair comfortably within recent ranges. Since mid May the pair hasn't spent too much time outside of the 0.6600/0.6700 range. 0.6714 the May 16 high remains the upside focus, while 0.6576, the June 10 low is a key support on the downside.

• Broader USD sentiment faltered through Monday trade, the BBDXY losing nearly 0.30%, likewise for the DXY. The A$ was around mid range from a G10 standpoint. The BBDXY has moved away from a test of the 1270 level, which has marked recent highs in the index.
• US yields finished slightly lower on Monday, with the back end of the curve weaker in yield terms, the 10yr off 2bps to 4.23%. Fed speak (Daly and Goolsbee) remained cautious around the inflation trajectory.
• Equity sentiment was mixed, with EU markets higher, but US markets mostly softer (SPX -0.31%). The aggregate Bloomberg commodity index rose 0.82% for Monday's session, while metals were down slightly and remain near recent lows.
• On the data front today we have the Westpac consumer confidence index for June out. Note as well the following option expiry for NY cut later today: $0.6665-75(A$859mln).