AUD/USD Consolidates Near 0.6700

AUD/USD consolidated post the Asia close on Thursday. From highs at 0.6729, we pulled back to lows near 0.6680, before pushing back above 0.6700. We track close to this figure level in early Friday dealings, having risen just over 0.50% for Thursday's session, which is towards the bottom end of relative G10 performance.

• USD weakness pivoted towards EUR, GBP and NOK in London/EU trade, as the BoE and ECB left rates on hold, while the Norges Bank raised rates by 25bps. The BBDXY lost 0.80%.
• The technical picture for AUD/USD remains constructive, we have traded above resistance at 0.6691, the Dec 4 high and a bull trigger. This paves the way for a climb towards 0.6747 next, a Fibonacci projection.
• US growth expectations for Q4 (Atlanta Fed nowcaster) rose post data beats, but US yields were still lower, particularly at the back end (10yr dipping sub 3.90%). AU-US yield differentials are still pointing to higher AUD levels.
• Commodity indices were up impressively, the Bloomberg base metals index up over 3%, with copper +2.3%, while Iron ore holds near $134.40/ton, a touch below recent highs.
• The data calendar just has preliminary PMI prints for Dec on tap.