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AUD/USD Just Off Fresh Cycle Highs

AUD

AUD/USD hasn't reacted a great deal to local housing market data. The pair sits around 0.7150 currently, slightly off session highs near 0.7160. The building approval data showed a +18.5% surge for Dec approvals, versus +1.0% expected. The private sector housing component remained weak though at -2.3% m/m (prior was -2.5%).

  • Yield differentials are trending back in AUD's favor, with the 2yr government bond yield spread at -102.5bps, versus earlier Jan lows around -125bps. The risk on tone from the equity space continues, with US futures pushing higher, commodity trends are more mixed though.
  • Highs from early June last year at 0.7202 are an upside target, as broad USD sentiment remains on the backfoot post Wednesday's Fed outcome (the BBDXY is off a further 0.30% to 1210).
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