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China Repo Rates Diverge on Thursday

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AUSSIE: AUD benefitted from a much stronger than exp. AU labour market report
overnight, with a strong headline number, breakdown and an uptick in the
participation rate, which meant that the unemployment rate held steady.
- AUD/USD rallied to $0.7200 from $0.7175 on the release, last $0.7180 as the
dollar firms a touch into EU trade. Bulls still need a close back above
$0.7305/10 to alter the short term outlook in their favour. The Sep 07 high
($0.7203) provides initial resistance. Initial support is noted at the intraday
low of $0.7168. Bears target a close below the September 11 YTD low ($0.7085),
to open up a move toward the key $0.7000 psychological level which is reported
to hold option-related support.
- Domestic focus now turns to the release of the RBA's meeting minutes next
- Nearby option expiries of note at today's 10AM NY cut:
$0.7095-0.7100(A$1.56bn), $0.7150(A$817mn), $0.7220-30(A$1.1bn),
$0.7270-75(A$1.07bn), $0.7284-85(A$1.71bn)
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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