AUD/USD set to pounce the 0.7400 level – OCBC

AUD/USD closes in on the multi-week high it set at 0.7340 on Friday. The aussie is set to challenge the 0.7400 level as it stays on a firm footing above 0.7300, economists at OCBC Bank report.

Supported by ACGBs which has underperformed USTs in run higher in yield

“AUD/USD held above the 0.7300 mark on Friday. Consolidating above this level could see the pair target 0.7400 next, leaving the AUD bears impinged.”

“ACGBs has underperformed USTs in run higher in yield, providing some additional support for the AUD beyond risk sentiment.”