Meets Resistance Around 0.6950

AUD/USD ended Monday's session firmer against the USD, still tracking 0.50% higher, but lost its place as top performing currency within the G10 space. The pair currently sits at 0.6910, after meeting resistance around 0.6950 through the NY session. The BBDXY is down 0.60% to 1237.50, with EU currencies outperforming the rest of the G10 bloc.

• AUD/USD now holds within range of the $0.69 handle, which marks a sizeable expiry for Wednesday's NY cut, with A$1.6bln notional set to roll off.
• In the cross-asset space, the early positive tone to US equities wasn't sustained, with the S&P500 finishing down slightly (although the Nasdaq still rose), which may have taken some of the gloss off the AUD.
• US yields continued to trend lower (a NY Fed survey showed declining inflation expectations), which saw yield differentials continue to move against the USD. This came despite still generally hawkish Fed speak.
• Commodities remain supportive of the AUD, particularly base metals, with the Bloomberg aggregate index up a further 2.9%. Iron ore nudged back to $117/ton, but remains below recent highs.
• The data calendar is empty today, with retail sales and monthly CPI printing tomorrow for Nov.