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AUD on track for lowest close since 2016 on...>

FOREX
FOREX: AUD on track for lowest close since 2016 on wave of risk-off
-Riskier assets suffered a bloody nose Monday as US markets opened and proceeded
to sell equities and buy bonds in response to China's counter-tariff
announcement, running against Trump's warnings not to retaliate. US equities
sank at the worst rate since December, hitting the lowest level since late March
and putting the E-mini S&P future within range of the 200-dma. This worked
against high Beta G10FX, with AUD, NZD and GBP bearing the brunt of the move.
-AUD/USD broke resolutely below the $0.6950 level, putting the pair on track to
register the lowest close since 2016 as the pair continues to eat away at
support. Fib retracement support seen at $0.6872 is next up.
-The greenback and JPY benefited, helping press GBP/JPY to the lowest levels
since February, with GBP/USD also dropping sharply. The intraday swings worked
in favour of implied vols, with short-end tenors higher across DM and EMFX
Monday.
-UK jobs data, Eurozone industrial production and US import/export prices are
the highlights Tuesday. Speeches from Fed's Williams, George & Daly are also up.

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