AUD/USD eked out gains, as a combination.....>

AUSSIE: AUD/USD eked out gains, as a combination of factors lent support after

the initial risk-off flows had prompted the pair to edge lower early doors.

- Lingering trade war fears inspired some risk aversion early on, before a NYT

report stating that the White House decided against imposing tariffs on

Australia provided support to AUD. Better than exp. Caixin PMI reading out of

China further aided the Aussie. USD softened amidst intensifying trade tensions

& the broader mkt perception that the odds of a FOMC cut this year are growing.

- AUD/USD last seen at $0.6952, 15 pips better off. The May 14 high of $0.6960

provided a layer of technical resistance overnight, and continues to draw

bullish attention. Above here would open the 1.0% 10-DMA envelope at $0.6984. A

return below Friday's weekly high of $0.6944 would expose the $0.6900 mark.

- Local data releases were overshadowed by the aforementioned developments.

- The RBA MonPol decision, due tomorrow, will be closely watched, with the bank

widely exp. to deliver a cut to its cash rate. Tomorrow's release of the last Q1

GDP partials will precede headline GDP, due Weds. Retail sales data is due

tomorrow, while trade balance hits on Thurs, when RBA's Heath is set to speak.