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AUD/USD has crept higher in early trade......>

AUSSIE
AUSSIE: AUD/USD has crept higher in early trade and last sits at $0.6577, 8 pips
better off. Local private sector credit data is on the radar today, with
attention otherwise drawn to the Covid-19 situation.
- Australian PM Morrison spoke with Channel Nine this morning, talking up
potential for a "targeted, modest and scalable" stimulus for sectors most
affected by Covid-19. His reluctance to ramp up stimulus will not please the
RBA. As a reminder, Gov Lowe & co. decide on rates next Tuesday.
- The rate bounced off its worst levels in more than a decade on Thursday, but
the upswing seemed driven solely by USD weakness. The greenback was dented amid
growing speculation that the FOMC might trim rates this year.
- Bulls look for a jump above the Feb 26 high of $0.6607 before targeting the
Feb 21 peak at $0.6639. Bears keep an eye on multi-year lows at $0.6544/43.
- Worth watching China's off'l PMIs on Saturday. Aussie Q4 GDP partials resume
next week, with inventories & co. operating profit due Monday and BoP current
a/c balance & net exports of GDP due Tuesday. Q4 GDP comes out Wednesday. Jan
trade balance & retail sales are due Thursday & Friday respectively.

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