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AUD/EUR: Pressured As US Equities Weaken, ECB On Tap

AUD

AUD/EUR is dealing a touch above the €0.60 handle, the pair couldn't sustain its post-RBA rally as weaker US Equity futures weighed, as concerns about the US regional banking system escalate, falling ~1.8% from Tuesday's high.

  • The pair is down ~0.5% today, bears look to break below the €0.60 handle opening up year to date lows at €0.5959. €0.5867 the 50% retracement of the 2020-2022 Bull leg is the next downside support level.
  • Bulls first look to break the 20-Day EMA (€0.6074) to turn the tide.
  • Today's ECB monetary policy decision presents the next risk event for the pair. The bank is expected to raise the deposit rate 25bps, the MNI preview of the event is here.
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