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Marginally Firmer, Thursdays High Remain Intact

AUD

AUD/USD prints at $0.6785/90 ~0.1% firmer in today's trading.

  • Broad based USD weakness has been observed through the Asian session as BBDXY ticks lower its 2023 base with Thursday's PPI print further pressuring the greenback.
  • AUD/USD has been unable to break through yesterday's high $0.6797 which is presenting as immediate resistance for bulls. A break through here opens $0.682 high from Feb 24.
  • AUD/NZD has ticked lower, the cross was unable to sustain a break of the $1.08 handle and is ticking lower as despite rate differentials, observed via 2 year swaps, narrowing to -140bps. We were as wide as -161bps last week.
  • Iron Ore futures are firmer, up ~1.5% in Singapore and Copper is up ~1%.

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