AUDUSD Insight

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Key Points
- U.S. President Trump is strongly pushing for the passage of a “mega bill” that includes massive tax cuts, despite opposition within the Republican Party. This is heightening concerns over the U.S. fiscal deficit.
- Amid these concerns, the yield on the 20-year U.S. Treasury bond was set at 5.047% in a $16 billion auction, triggering a “Sell USA” phenomenon.
- During the G7 finance ministers meeting, which runs through May 22, the U.S. and Japan are reportedly planning to hold currency discussions. There is speculation that the U.S. may pressure Japan to strengthen the yen.

Major Economic Events This Week
+ May 22: U.S. May Manufacturing PMI, U.S. May Services PMI
+ May 23: Germany Q1 GDP

AUDUSD Chart Analysis
Despite increased U.S. dollar volatility and the Reserve Bank of Australia's rate cuts, AUDUSD volatility remains largely unchanged compared to last week. However, after breaking through resistance recently, the long-term outlook suggests potential for a rise toward the 0.69000 level. As long as the support level at 0.63000 holds, we maintain a bullish view.