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AUD Steady, Sino-Australian Trade Tensions Simmer

AUSSIE

AUD/USD has stuck to a tight range thus far, looking for fresh catalysts. The rate last deals at $0.7164, a touch higher on the day.

  • Australian Agriculture Min Littleproud told ABC Insiders that the gov't is willing to challenge China's decision to launch an anti-dumping probe into Australian wine exports and "if required, we'll go through the process and go to the WTO".
  • A move through Aug 21 high of $0.7216 would turn bullish focus to Aug 19/Feb 2019 highs of $0.7276/84. On the flip side, bears look for a dip through Aug 20 low of $0.7136, towards Aug 12 low of $0.7109.
  • Australian weekly payroll jobs and wages data and preliminary trade balance is due Tuesday, completed construction work comes out Wednesday, private capex hits Thursday.
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