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Close To Multi-Week Highs

AUD

AUD/USD starts the week very close to recent highs, the pair last above 0.6880. We gained 1.85% for Friday's session, trailing only the NOK in the G10 space, amid broad USD losses (BBDXY -1.04%). A clean break above 0.6893 (the Dec 13 high and bull trigger) would pave the way for fresh upside in AUD/USD. On the downside the 200-day EMA comes in at 0.6825.

  • Friday's session saw strong risk flows in the equity space (SPX +2.28%), as US yields pulled back sharply (US 2yr -21bps to 4.25%) on weaker wages growth and the ISM services index downside surprise.
  • Commodity indices were higher, the aggregate Bloomberg index, +0.70%, base metals +1.59%. Iron ore got above $118/tonne before some selling interest emerged.
  • The data calendar swings back into action today, with Nov building approvals data out. The market expects a flat outcome (after -6.0% last month). Most focus is likely to rest on Wednesday's retail sales and CPI outcomes though.
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