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A$ Looking To Sustain Gains Above 0.6700


AUD/USD rose just above 0.4% for Thursday's session, mid pack from a G10 standpoint, as the BBDXY pulled back 0.40%. The A$ is now back above 0.6700, highs from Thursday's session coming near 0.6720. Bulls could target the 50-day EMA, which comes in just above 0.6750, which is also close to highs from earlier in March. The simple 200-day MA is also around this level. Dips to 0.6660 were supported yesterday.

  • The currency continued to benefit from the recovery in equity risk appetite, although the VIX didn't see further meaningful downside, closing just above 19%.
  • Commodities were mixed, with the aggregate base metals index down 0.50%, but broader index nudged higher by 0.2%. Iron ore is around the $124/ton level.
  • AUD/JPY is back above the 89.00 handle, with dips in the pair supported through the week. We are now back to mid-March highs.
  • On the data front we have Feb private sector credit figures out, +0.4% m/m is expected, which would match the prior outcome.
  • The other focus point is likely to be wage outcomes for low paid workers, as the Fair Work Commission has commenced its annual wage review (see this link for more details).

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