Snapshot: AUD/USD trades at 0.7243, up 0.52% on the session, driven by strength in copper prices. The RBA remains reluctant to commit to a cut path, with the Board cautious due to services inflation and a tight labour market. Focus shifts to the 08:30 ET US jobs report.
- AUD/USD showing strength above 0.7200, a break above 0.7250 would embolden the bulls.
- Watch for a knee-jerk reaction to the 08:30 ET US data; a weaker print could exacerbate short USD positions.
Bias into NY: Bullish AUD/USD while copper sustains its current bid. Look for a push towards 0.7275 on continued risk-on sentiment, even if the US jobs data comes in mixed, given the already crowded long positioning.