GDP Data Eyed After Aussie's Round Trip From Multi-Week High

AUD/USD round tripped from an intraday high of $0.7290 on Tuesday, with the implications of Russia's intensifying assault on Ukraine under continued assessment. The rate printed its best levels in more than six weeks but finished the day below neutral levels.

• AUD/USD operates at $0.7259, up 7 pips on the day. A break above yesterday's peak at $0.7290 would allow bulls to take aim at Jan 13 high of $0.7314. Bears would be pleased by a pullback under Feb 24/14 lows of $0.7095/86.
• The RBA kept its monetary policy settings unchanged on Tuesday, in line with unanimous expectations, with the cash rate target held at the record low level of 0.10% (see our review for more colour).
• Australian Q4 GDP headlines the domestic docket today, with analysts marking their estimates higher in light of the release of the GDP partials (BBG median looks for +3.5% Q/Q & +4.1% Y/Y).