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AUD, GBP Hit Multi-Year Highs vs. USD

FOREX

AUD, NZD outperformed well throughout the Friday session, with AUD/USD topping the early January highs to high the best level since early 2018. A global commodity rally and the upward revision to Westpac's Australian yield forecasts were the primary drivers. This narrowed the gap with next resistance at 0.7885.

The greenback traded poorly despite an uptick in both US Treasury yields and equity markets in the US and on the continent. This pressured the USD index toward the week's lowest levels printed on Tuesday at 90.12. A break below here opens key support at 90.05. The break of $1.40 in GBP/USD helped pressure the USD index further, with the pair touching new multi-year highs.

Focus in the coming week turns to German IFO numbers, UK jobs data and personal income/spending & MNI Chicago PMI from the US. Highlight of the central bank speaker schedule will be the delivery of the semi-annual testimony from Fed's Powell.

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