Stocks climbing and AUD/USD at the highs of the day
AUD/USD is up 10 pips to 0.6911 after falling as low as 0.6877 at the start of US trading.
The pair remains almost precisely at the 200-day moving average. That's been a line I've been watching closely and the unwillingness to pick a direction highlights the uncertainty in markets. At the same time, you can't ignore the S&P 500 brushing up against 3300.
The thinking here for anyone who is buying risk and AUD/USD is that this ceremony will include enough warm-and-fuzzy talk to add another leg in risk. I'm not sure that's sustainable but with so many people on the 'sell the fact' trade, it might work for a day or two. But it's not a game I want to play.
