AUD/USD +0.6% in Asia as markets cheer pick of Scott Bessent for Treasury

Rallies to 2-week high of 0.6549 after gap higher opening of 0.6515

Boosted by rise in U.S. stock futures and drop in U.S. Treasury yields

S&P E-Mini +0.45%, ASX 200 +0.7%, U.S. 10-year yield down 6bps

Bessent respected by Wall Street, has advocated for tax reform, deregulation

Considered a fiscal hawk; chances of severe tariffs may also be reduced

Likelihood of less inflationary pressure boosts stocks and bonds

AUD supported by RBA's hawkish stance; Australia's October CPI Wed awaited

Robust U.S. economy, scaling back of Fed rate expectations limit downside

Support 0.6510-15, 0.6475-80, resistance 0.6545-50, 0.6565

Asia range 0.6510-0.6549

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