Snapshot: AUD/USD is trading at 0.7177, up 0.16% on the session. The Aussie is finding some support from slightly firmer copper prices and a modestly weaker DXY. All eyes are now on the Q1 GDP print due at 11:30 AEST tonight.
- The RBA remains reluctant to commit to a cut path, citing uneven progress on inflation and a tight labour market. A softer Q1 trimmed-mean CPI would be needed to unlock a May or July move.
- Watch the 10:00 ET JOLTS job openings print. A surprisingly weak number could amplify any Aussie gains by weighing on the US dollar.
Bias into NY: Mildly bullish into the data, targeting a break above 0.7187 if the GDP data beats expectations. Failure to push higher post-data suggests a retest of 0.7150 support.