The Australian dollar is back testing a level it couldn't overcome last week

Photo by Michael Dodge/Getty Images

The Australian dollar has opened the new trading week above the 76 cent level, benefiting from strength in commodity prices and another bout of US dollar weakness.

Here’s the Aussie dollar scoreboard as at 8am AEST.

AUD/USD 0.7620 , 0.0004 , 0.05%
AUD/JPY 84.44 , 0.00 , 0.00%
AUD/CNH 5.1898 , 0.0036 , 0.07%
AUD/EUR 0.6804 , 0.0005 , 0.07%
AUD/GBP 0.5969 , 0.0017 , 0.29%
AUD/NZD 1.0503 , 0.0005 , 0.05%

Elias Haddad, senior currency strategist at the Commonwealth Bank, said that the Aussie’s ascent was assisted by disappointing US housing market and consumer sentiment data released on Friday, contributing to Citibank’s US economic surprise index falling to the lowest level in over six years.

Firmer commodity prices, particularly for iron ore which logged its third straight daily gain, also benefited the Aussie, seeing it climb back above the 76 cent level on Friday evening.

A seen in the hourly chart below, the AUD/USD currently sits just below the .7630 level, a region it failed to overcome on two separate occasions last week.

AUD/USD Hourly Chart

Whether that level can be breached on Monday may come down to what RBA governor Philip Lowe says later this morning.

He’s scheduled to participate in a panel discussion at the Crawford Australian Leadership Forum from 9.45am AEST — an event that clearly carries the potential to move the Aussie is either direction.

Outside of Lowe’s appearance, markets will also receive Japanese trade and Chinese house price data during Monday’s session.

Given the relatively quiet data calendar, movements in the USD/JPY and Chinese commodity futures may also prove influential on those in the Australian dollar, particularly in the latter parts of the session.

Continuing the theme established in Asia, there’s little in the way of market-moving economic data scheduled in Europe or North America this evening.

If there is to be any interest, it’ll likely fall on an appearance from Bill Dudley, New York Fed president, who’ll participate on a panel discussion from 10pm AEST.

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