NAB remarks on the Australian dollar ahead, this via the folks at eFX:
"Two of the key drivers of AUD volatility, namely risk sentiment and commodity prices, have been supportive of latest AUD gains...A key influence here, alongside China commodity demand remaining robust, is that optimism toward fuller global economic re-opening come H2 2021 proves justified," NAB notes.
"Looked at through the USD lens, this month's pull-back in the USD and the likelihood of more to come is also supportive of our prevailing forecast for AUD/USD revisiting the 0.80 level around mid-year and moving into a modestly higher (0.80-0.85) trading range come H2 2021," NAB adds.
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