AUD/USD: HITTING RESISTANCE…
The AUD/USD traded in thin ranges but eased slightly off recent highs through the New York close. Commodities experienced another positive session with oil up near 4% and iron ore making 2016 highs. Local data today are light. In the US, we expect the Philadelphia Fed to continue to show manufacturing is bouncing.
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However, the USD remains at the whim of next week’s Fed. The market currently only has a 20% chance of a hike priced in for June, with the risk being a less dovish Fed could lead to more priced in and AUD/USD falling.
Expected range: 0.7750 – 0.7850
