The $US fell overnight even as the US CPI data sent shorter dated bond yields higher suggesting 4-5 rate hikes are already priced into the greenback hence making surprises far more likely on the downside. The drop in the $US catapulted resources higher with copper surging over 3% to multi-week highs – it feels like our anticipated “pop” higher by the Resources Sector is underway.
MM is bullish the $A initially targeting the 75-76c area
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