Commodity currencies bounce back after softer start to the day

AUD/USD moves to session highs of 0.7810

AUD/USD H1 04-03

It may be a meltdown in Asian equities but the mood going into Europe may see the focus shift towards the calmer tones in Treasuries so far today. After the spike higher yesterday, 10-year yields are settling down 1 bps @ 1.47% for the time being.
The bond market may be tentative ahead of Fed chair Powell’s speech but such relative calm may also help keep equities and risk sentiment from capitulating altogether.
While stocks are still on the defensive, we are seeing a modest bounce in major currencies with the aussie, kiwi and loonie up to session highs for the day as the dollar gives up some ground from the start of trading today.
AUD/USD is back above 0.7800 as price action sits in between its key hourly moving averages @ 0.7776-46 at the moment. As such, the near-term bias is more neutral.
Elsewhere, USD/CAD is trading back just under its 100-hour moving average @ 1.2645 with oil prices keeping buoyed at around $61.65 ahead of the OPEC+ decision today.
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