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Core PCE Stalling Ahead Of June Fed Meeting


BLOCK, 5Y Sale


Pullback Considered Corrective


Limited Upside Dec Fly


Downtrend Remains Intact

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AUSSIE: AUD/USD has stuck to a tight range, dealing 5 or so pips softer last at
$0.7135, brushing off comments from RBA Dep. Gov Debelle, as he suggested that
unemployment may fall further than it has done in previous instances before
wages pick up. Debelle then participated in a Q&A, with BBG covering the
comments. On the AUD he noted that it would be "helpful for our economy if the
fed rate pushes the A$ lower."
- Monday's extremes ($0.7112-$0.7151) provide the initial support & resistance.
Bulls need to recover the $0.7200 area to break the longer term downtrend, while
bears need a downside break of $0.7044 to allow them to target the key $0.7000
- Domestic focus falls on tomorrow's AU labour mkt report.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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