Melbourne Set To Ease Restrictions From Friday

AUD/USD ebbed lower Tuesday amid broader demand for the greenback, while gains in the Bloomberg Commodity Index failed to shield the Aussie.

• ABC reported that "restrictions in Melbourne are set to be eased from Friday, with a 25-kilometre travel bubble to be introduced for Melbournians".
• Ex-RBA policymaker Edwards told BBG that the RBA "is likely to stick with its current yield target bond and scale back its QE (...) at next month's meeting".
• PM Morrison is expected to touch upon geopolitical matters in his Perth speech today. He will underscore Australia's growing network of partnerships, which continues to accelerate "despite opposition".
• Australia's Westpac Consumer Confidence & weekly payroll data will be released today, with an address from RBA's Kent also due.
• Later this week, focus turns to consumer inflation expectations, due Thursday.
• The rate last sits at $0.7738, just shy of neutral levels. A fall through Jun 3 low of $0.7646 would bring Apr 14 low of $0.7635 into play. Bulls need a clearance of Jun 2 high of $0.7773, before targeting May 18 high of $0.7813.