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FOREX: AUD narrows gap on YTD lows as RBA leave door open to further cuts
-Despite the 25bps RBA rate cut today being widely expected, the AUD has taken a
decent leg lower as the bank signalled a willingness to lean further on rate
cuts should the labour market not improve following this year's policy easing.
AUD/USD bottomed out so far today at $0.6694, well within range of the early
August and YTD lows at $0.6677. A speech from RBA's Lowe follows shortly for any
further clues on rates.
-The USD is trading well, rising against most others as equity futures indicate
a positive open Tuesday. Fed's Evans was on the wires this morning, stating his
preference for interest rates to sit 50bps below neutral.
-EUR is modestly stronger as tighter peripheral European sovereign spreads
flatter the currency. Better Spanish and Italian equity markets are also
underpinning, with EZ manufacturing PMI revised higher in the final read.
-Canadian GDP and US Manufacturing ISM are the calendar highlights. Speeches
from Fed's Clarida & Bowman, ECB's Draghi, Holzmann and Weidmann are also on the
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