Australia may be the first country to hike rates, it may benefit disproportionately from a global economic rebound. It is has the best weather, lifestyle, beer…. I’ll grant you all that. What it is having at the moment is trouble dealing with a market that suddenly needs dollars. Nothing against the Oz, nice currency and all, but the dollar is in one of those “need ‘em” if not necessarily “want ‘em” mode.
AUD/USD has given back all its overnight gains, sliding back to overnight lows around 0.8329, a full penny below session highs. As I noted in a comment earlier, AUD may outperform on the crosses in the near-term, but I would try and leave the dollar out of the equation. It feels like a sea-change may be underway and it should not be ignored.