By Krishna K — Oct 07 - 05:20 PM
AUD/USD likely to remain on defensive after declining 0.55% on Monday
Weighed down by higher U.S. yields; 10-year yield rises above 4%
Bets on 50bps Fed rate cut abandoned after strong U.S. jobs report Friday
Chances of Fed 25bps cut in Nov at 85%, 15% chance of no change
Aussie undermined by risk aversion induced by Middle East conflict
Return of China markets from week-long holiday awaited
Some expect China equities to gain a further 7%-10% Tue, may lift risk mood
China officials to brief on economic policy implementation Tuesday
Strong support at 0.6740-45, break opens 0.6700-05
Resistance 0.6785-90, 0.6810-15; Monday range 0.67435-0.6810
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Source:
Refinitiv IFR Research/Market Commentary