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AUD/USD has stuck to a tight range in........>

AUSSIE
AUSSIE: AUD/USD has stuck to a tight range in early Asia-Pacific dealing, with
focus set to fall on the RBA's decision later today. 
- All of those surveyed expect the Bank to leave the cash rate unchanged at
1.5%, so focus will quickly shift to the rhetoric employed in the accompanying
statement. The RBA should maintain its glass half full approach, with the
stronger than exp. Q2 GDP report & a tighter labour market providing some scope
for a slightly more upbeat assessment of the domestic situation, however,
external matters (at a minimum) continue to cloud the RBA's outlook.
- AUD/USD last deals at $0.7230. The pair failed to make a concerted challenge
of support at $0.7200 on Monday, sticking to familiar territory, as pressure on
base metals continues to cap any rallies. Any break below the aforementioned
$0.7200 level would bring the YTD low ($0.7085) back into play. Bulls need a
close above the 50-DMA at ($0.7286) to improve the short-term outlook and extend
the recovery.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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