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Commodity-Driven Rally Brings $0.7500 Into Play

AUD

AUD/USD had a look above the psychologically significant $0.7500 figure Wednesday, as firmer commodity prices lent support to the Aussie dollar. The rate lodged its best levels since Nov 2 in the process.

  • With AUD/USD last trading -5 pips at $0.7494. A break above Nov 2 high of $0.7532 would turn focus to Oct 28 high of $0.7556. On the flip side, bears look for losses past Mar 18 low of $0.7361 towards Mar 15 low of $0.7165.
  • PM Morrison noted that he finds the "idea of sitting around a table with Vladimir Putin" problematic after Russia confirmed that its leader is planning to attend a G20 summit in Bali. The Prime Minister said that Australia shares U.S. assessment of Russian war crimes in Ukraine "based on what we have seen."
  • Australia's S&P Global PMIs improved in March, showing continued expansion in the economy, "reflecting robust business conditions past the Covid-19 Omicron wave."
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