USD Trading Outlook (06-05-2013)

AUD/JPY returned to the fore on Friday night after a better than expected non-farm payrolls number in the US. The bears who had been trying to force AUD/USD below 1.0220 for the entire day on Friday were forced to cover and both AUD/USD and USD/JPY rallied in tandem as the risk-trades came back into focus.

There are still some Asian golden-week holidays today and most of the action in the AUD will be positional adjustment ahead of the RBA tomorrow. We also have important domestic data, led by retail sales, so it should be a busy session.

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