AUD/USD continues to consolidate gains, holding around 1.0125 after rising as high as 1.0150 earlier. The rally is all the more remarkable in that a huge cyclone is headed toward Queensland which is already reeling from floods of biblical proportions.
Underpinning the AUD today was a run to record highs in copper on hopes from broadening global growth. Manufacturing data in the US, Eurozone and UK were all very upbeat today.
1.0075/80 is strong support on pullbacks near-term while the old highs at 1.0257 set on New Years Eve are the topside target near-term.
