Moreover, the extension of broad based US dollar sell-off also continues to provide extra support to the AUD/USD pair. The USD index trades at the lowest levels since November last year, testing 96 handle. Meanwhile, rising Aussie bond yields offset subdued trading activity seen in oil and copper prices, keeping the sentiment buoyed around the AUD. Focus now remains on a mix of CB speeches due later in early US, alongside the releases of the US goods trade balance and pending home sales data for fresh trading impetus.
AUD/USD leaps to highs near 0.7620 on rate hike chatter
The AUD bulls gathered pace and extended the rebound well beyond 0.76 handle, in a bid to retest 6-day tops reached yesterday at 0.7624 levels. The latest move higher can be purely attributed to the renewed hopes of RBA tightening sooner (than later), especially after former RBA board member Edwards noted: “It seems to me that something like eight quarter percentage point tightenings over 2018 and 2019 are distinctly possible.”
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