• AUD/USD rallied in London after AU federal budget was released overnight

• Deficit size deemed acceptable; surprise tax cuts considered inflationary

• Higher AU bond yields combine with poor U.S. consumer confidence to lift AUD

• AU Feb CPI due 0030 GMT Wed (Reuters poll 2.5% weighted CPI y/y)

• RBA meeting Mar 31-Apr 1 comes into focus, no OCR change expected

• Overnight AUD range 0.62785-0.6325, support 0.6260, resistance 0.6390 0.6415
AUD mng

(James Connell is a Reuters market analyst. The views expressed are his own.)