A$ Holding Close To Recent Highs Above 0.6700

AUD/USD spent most of the post Asia close on the front foot, getting close to 0.6720 late in the NY session. We sit slightly lower now, last in the 0.6710/15 range, having gained nearly 1% for Thursday's session, although the A$ was only the 4th best performer within G10, as we saw broad based USD losses.

• In terms of technicals, the pair is holding above the 50-day EMA (0.6653), maintaining a bull cycle that started at the end of last month. The next upside target is 0.6733, 76.4% of the downleg in May. On the downside, besides the 50-day EMA we also have the 20-day EMA, near 0.6630.
• The USD suffered amidst a yield pull back as US initial jobless claims spiked higher. -4/-8.5bps losses were seen across the US yield curve. Higher equities also helped risk appetite, although yen gains were just below the AUD's for the session.
• The Bloomberg aggregate commodity index rose a further 0.33%, the 6th straight gain, while the base metals sub index rose 0.73%. Oil slumped sharply, amid a Middle East Eye report about a potential US and Iran interim deal ‘on nuclear enrichment and oil exports’, but most the fall was reversed after the US denied the report.
• Iron ore remains in a strong uptrend, last around $111.40/ton. China's CSI 300 property sub-index rallied a further 2.23% yesterday.
• The local data calendar is empty today, while note that Monday is a public holiday for most parts of Australia.