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Off Highs As US Yields Stabilize Somewhat

AUD

AUD/USD is off session highs, last in the 0.6605/10 region. Earlier we got close to 0.6650, before offers capped the move. Support is still evident ahead of the 0.6600 level though. The pair is mostly following broader USD/risk appetite swings given the lack of domestic drivers.

  • Broader USD index are away from session lows (BBDXY back to 1250) as US yields edged up off session lows (2yr yield back to 4.50%, versus ~4.44% session lows). This has helped curb A$ gains, while US equity futures are also off best levels (last back to +1.2% for the major indices).
  • These factors will continue to drive A$ sentiment in the near term. Iron ore is firming, back above the $130/ton level, but other commodity signals are more muted for the A$.
  • On the data front, there are quite a few consumer and business surveys out over the next few sessions, also note jobs data prints on Thursday, which will be a focus point given RBA Governor Lowe comments from last week (see this link for more details).
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