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AUD sinks as RBA signals no new rate hikes....>

FOREX
FOREX: AUD sinks as RBA signals no new rate hikes are forthcoming
-AUD/USD slipped over a point following a speech from RBA's Lowe, who clarified
that while rate cuts are unlikely, the prospect for rate hikes has diminished
materially. Global risks stemming from China and the US and a weaker domestic
housing market have prompted the RBA to switch to a more neutral stance, causing
a number of RBA watchers to push back their rate hike expectations well into
2020. AUD/USD now sits comfortably south of $0.7150, with attention now turning
to the Statement on Monetary Policy due Friday.
-GBP trades well on little news, with markets clawing back some of the sharp
losses seen Tuesday. $1.30 looks a bridge too far for GBP/USD at present, with
GBP underperforming only the JPY in G10 so far.
-More woeful data from Europe has pulled the rug from under the EUR, with German
factory orders and Eurozone construction PMIs falling sharply. EUR/USD sits
below the $1.1400 handle which becomes first resistance.
-Canadian Ivey PMI is the data highlight, with US November trade balance also
due. BoC's Lane and Fed's Quarles are both due to speak.

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