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Aussie supported by attractive bond yields

Wednesday, Mar 30 2016
There were no data releases from Australia this morning. On Tuesday, the Aussie surged to its highest level in nearly a week as investors scaled back expectations for how fast and far U.S. interest rates might rise this year after Fed Chair Janet Yellen emphasized the need to proceed “cautiously” on tightening policy. 
Underpinning the Australian Dollar were attractive bond yields with Australia’s two-year bonds paying 1.9%. Tracking a jump in U.S. Treasuries, Australian government bond futures rose, with the three-year bond contract five ticks higher at 98.08. 
 
Despite Tuesday’s strong rally, the early price action suggests that investors are concerned about value after refusing to chase the market higher. Traders are also worried that the high priced currency could hurt exports. This is raising concerns of a possible interest rate hike by the Reserve Bank of Australia. 
 
Aussie is currently being traded around 0.7640 area. Pair is likely to find support around 0.7550 handle and resistance above 0.7680 level. Later today, in the US session ADP job figures are scheduled for a release.
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