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COPPER TECHS

(N1) Corrective Pullback

AUD/USD Sits Just Shy Of YtD Highs

AUSSIE

AUD/USD advanced Tuesday as a stalemate in U.S. fiscal talks continued to weigh on the greenback, despite jitters surrounding Australia's trade relations with China. The rate topped out at a fresh YtD high of $0.7265 before backing off ahead of the WMR fix.

  • The Australian government has reached a deal with AstraZeneca to secure the supply of 25mn doses of a Covid-19 vaccine, which PM Morrison said would be distributed among Australians for free.
  • AUD/USD is little changed at $0.7243. A break above Tuesday's high of $0.7265 would open up Feb 2019 high of $0.7284. Bears need a fall through Aug 12 low of $0.7109, before attempting a move at Aug 3 low of $0.7076.
  • Looking ahead, Australian flash CBA PMIs & preliminary ABS retail sales will be published on Friday.
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com