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A$ Rebound Ends Shy Of 0.6600, As US Short End Yields Firm

AUD

Bullishness around the equity backdrop, fueled by tech/AI bellwether Nvidia, aided the A$ and broader risk sentiment. Post the Asia close the AUD remained on the front foot, getting to fresh highs of 0.6595 (highest levels since Feb 2), but we pulled back sharply to 0.6540 by the NY session.

  • A recovery in US yields, particularly at the front end, 2yr +4bps to 4.71%, stabilized the USD backdrop. Mixed EU PMI data also curbed EUR gains. For AUD/USD we sit at 0.6555/60 in early Friday trade, only marginally higher for Thursday's session.
  • The technical backdrop is still bearish. Key resistance is seen at the Jan 30 high at 0.6625. To the downside, sights rest on 0.6412, a Fibonacci retracement. Moving average studies are in a bear-mode set-up, highlighting a clear, albeit weaker, downtrend.
  • In the commodity space, the Bloomberg aggregate commodity index was down slightly, -0.14%, despite an oil price rise. The metals index was 0.44% firmer.
  • The data calendar is empty today, with Jan CPI out next Wed the next major focus point.
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