AUD/USD swung both ways on Wednesday,........>

AUSSIE: AUD/USD swung both ways on Wednesday, driven by fluctuations in USD

strength. The rate climbed above the $0.6500 mark in London hours & approached

the 100-DMA, before pulling back in reaction to a much awaited speech from Fed

Chair Powell. USD was bid as Powell downplayed potential for the use of negative

interest rates in the U.S. AUD/USD recorded its third negative close in a row.

- Worth flagging our MNI EXCLUSIVE piece published on Wednesday, which noted

that "Australia could find its barley exports to China effectively banned for up

to five years". Sino-Australian relations have turned sour as Australia's

backing for an independent probe into the origins of the coronavirus pandemic

apparently spilled over into trade matters.

- AUD/USD sits -9 pips at $0.6446. A break below the 50-EMA at $0.6397 would

expose May 4 low of $0.6373, a key near-term support. Bulls look for a rally

above the 100-DMA at $0.6522, towards Apr 30 high of $0.6570.

- Australia's data highlights today include consumer inflation expectation and

the closely watched labour market report.