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AUD Lower as RBA Opt for Slower, But Longer Asset Purchases

FOREX
  • After a spell of USD weakness coinciding with the European open, markets are reversing course slightly into the NY crossover, with a steeper US curve and more buoyant 10y year yields underpinning the greenback.
  • AUD has certainly been the most volatile among G10 overnight, with the RBA's decision to stick to a cautious taper initially boosting AUD, only for progress to be countered by an extension of the QE programme into mid-February next year. AUD/USD hi/lo sits at 0.7468/0.7404. This keeps resistance intact at 0.7478 and progress through here would open the 100-dma at 0.7541. Option interest at 0.7410-15 could keep prices anchored alongside a larger expiry for tomorrow's cut at 0.7425.
  • EUR benefited from an upward revision in final Q2 Eurozone GDP, which saw the figure revised up to 2.2% (from 2.0%) for the quarter, and up to 14.3% from 13.6%.
  • Datapoints are few and far between Tuesday, with no central bank speakers of note for the rest of the session.
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