Despite a slightly lower open on Monday,.....>

AUSSIE: Despite a slightly lower open on Monday, AUD/USD rallied through the

rest of the day, as the Antipodeans were bought, with familiar risk factors in

focus. A round of RBA Gov Lowe's comments drew some attention in Asia hours, as

he noted that although he would prefer AUD to be weaker, it is hard to argue

that it is overvalued. Spot last sits +3 pips at $0.6911, consolidating gains.

- Monday's jump allowed the rate to snap a four-day losing streak and chart a

bullish engulfing candlestick pattern. This opens potential for a stronger

rebound, with eyes on Jun 16 high of $0.6977, followed by round figure

resistance/Jun 11 high of $0.7000/05. Bears look for a retreat under Jun 15 low

of $0.6777, which would expose the 50-EMA at $0.6681.

- The main points of note today are flash CBA PMIs & flash trade balance.

Skilled vacancies (Weds) and job vacancies (Thurs) take focus later in the week.