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AUD/USD surged from around 0.894 and is now trading at around 0.904, helped by the shift in sentiment. All eyes will now be on how Asian markets perform today after a woeful performance yesterday, particularly in the property sector. We will be eyeing recent highs in the 0.908 region for near-term resistance.
There’s no Australia data today but out of China we have the CB leading index data at 13:00 AEDT. The 0.90 mark has become pivotal for the pair and it seems to be where assumed fair value for AUD/USD is at the moment. The range between 0.89 and 0.908 is yet to be broken and unless we get a significant catalyst it is likely to continue holding. Aussie data picks up tomorrow with construction work done and private capital expenditure on Thursday.
Gold surges to November highs
The precious metal has continued its run and presumably USD weakness, comments by leaders at the G20 committing to growth and Ukraine fears - along with hopes for aid - are all factors contributing to gold upside at the moment. Gold is now testing the 61.8% retracement of the drop from 1434 in August last year to the January low of 1180 which is now at 1338.
Focus will be on the USD and how data releases this week pan out. The US housing market will be back in focus later today with the Case-Shiller house price index due out. We also have consumer confidence and Richmond manufacturing index data due out along with a speech by Fed member Tarullo. Should the poor run in US economic data continue, there is room for further gold gains.