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Growth Proxy FX Led Higher by Metals, Stocks

AUD
  • AUDUSD rallying well alongside equities in recent trade, putting the pair well into the congestion zone of resistance layered between 0.7272-78, clearance through which will open the 100-dma at 0.7287 - the near-term target.
  • Growth proxies and commodity-tied FX leading currency gains since the Wall Street opening bell, with stock markets exhibiting a solidly risk-on theme following the inline CPI data. Tech and consumer discretionary are at the top of the pile, while defensive healthcare and consumer staples sectors are the laggards.
  • Commodities as well as stocks are lending a hand to this AUD rally, with copper prices clearing the late December highs and touching the best levels since late October.
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