By Peter Stoneham — May 06 - 06:05 AM
A tight 0.6606-0.6630 range so far Monday
Speed and magnitude of last week's gain argues for consolidation
Friday high of 0.6650 the initial hurdle for the AUD
March 8 high the next resistance and AUD bull target at 0.6667
Expectations of a hawkish shift in RBA's rate stance on Tues underpins
A rate hike should not be ruled out but consensus is for no
Markets are pricing in around a one-in-10 chance of a hike
Softer U.S. labour report added to fuel to the easier dollar scenario
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Source:
Refinitiv IFR Research/Market Commentary