A$ Rebounds Amid Broad USD Weakness, But Still Sub 20-day EMA

AUD/USD gained around 0.50% for Thursday's session, the pair remaining on the front foot for much of the post Asia close period. We track near 0.6525 in early Friday dealings, not too far off Thursday highs in NY (0.6529). The A$ was mid range from a G10 standpoint, with the USD seeing broad based losses for Thursday trade (BBDXY off 0.35%).

• On the topside for AUD, 0.6548 is the 20-day EMA, but key resistance is seen at 0.6625 the Jan high. 0.6412 is the target on the downside, which is a Fibonacci retracement.
• Risk appetite was positive in the equity space, with gains across EU/US equities, which appeared to weigh on broader USD sentiment. US retail sales missed estimates, but some offset came from better Empire and Philly Fed sentiment readings for the manufacturing sector. US yields finished lower, but only marginally (the 10yr at 4.24%).
• In the commodity space, the aggregate Bloomberg index rose 0.23%, for its first gain this week, while the metals index rose 0.63% (the fourth straight gain). Copper rose 1.6%, while iron ore drifted higher, but is sub $130/ton.
• The local data calendar is empty today, but note the following in the option expiry space for NY cut later: $0.6350(A$1.6bln), $0.6475(A$625mln), $0.6495-00(A$715mln), $0.6535-41(A$1.2bln), $0.6600-10(A$1.1bln).