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Free AccessHigher In Early Trade
AUD stronger in early trade in Asia. AUD/USD last up 12 pips at 0.7856. The news about a cyberattack on a critical U.S. fuel pipeline have bled into commodity markets, likely lending some support to commodity-tied FX. There has been little in the way of local catalysts to move the rate early doors.
- From a technical perspective AUD/USD cleared the April high convincingly on Friday, again setting the stage for further gains toward the 76.4% retracement of the February - April downtick. A break here would be bullish and point the needle toward the year's best levels printed in late February. To the downside, a move below 0.7691 would open losses toward 0.7635 and the 0.7586 key near-term support.
- CBA are optimistic for the outlook: "AUD/USD can remain elevated this week because commodity prices show little sign of peaking. Iron ore prices surged to fresh cyclical highs last week because a lift in Australia‑China tensions sparked supply concerns. Nevertheless, as long as China's demand for Australia's iron ore remains intact, which we expect, AUD can continue to lift."
- Markets await the NAB Business Conditions survey and retail sales data. Elsewhere, there is some focus the announcement from Australian Treasurer Frydenberg on a so-called jobs budget said to be delivered on Tuesday.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.