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AUD Trims Gains After Printing Two-Week Highs

AUSSIE

A stronger yuan, above-forecast Chinese activity data and RBA minutes which lacked colour around potential further easing measures pushed AUD/USD higher on Tuesday before sharply trimming gains into the WMR fix. The rate topped out at $0.7343 in the process, printing a two-week high.

  • AUD/USD last deals at $0.7305, just 3 pips better off. A break above Tuesday's high of $0.7343 would draw topside attention to the 76.4% retracement of the Sep 1 - 9 sell-off at $0.7362. Conversely, a fall through Sep 10 low of $0.7248 would expose Sep 9 low of $0.7192, a key near-term support.
  • Australian labour market report, due Thursday, headlines the local docket during the remainder of this week.

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