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    AUD/USD hits fresh 33-month tops near 0.7780 region, lacks follow-through

    Abstract:AUD/USD quickly reversed an early dip and shot to fresh 33-month tops on Wednesday. Firming expectations for a Democrat victory in Georgia kept the USD bulls on the defensive. A softer risk tone, disappointing Chinese PMI kept a lid on any further gains for the aussie.

      The AUD/USD pair rallied around 45-50 pips from Asian session lows and refreshed 33-month tops, around the 0.7780 region in the last hour.

      The pair attracted some dip-buying near the 0.7730-35 region and turned positive for the second consecutive session on Wednesday amid the underlying bearish sentiment surrounding the US dollar. Increasing bets for a Democrat victory in the crucial US Senate runoff elections in Georgia further raised hopes of more fiscal stimulus.

      Expectations of larger government borrowing pushed the benchmark 10-year US Treasury yield to the highest level since March and held the USD bulls on the defensive. This was seen as a key factor that extended some support to the AUD/USD pair. However, a softer tone in the equity markets kept a lid on any strong gains for the perceived riskier aussie.

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