AUD/USD has taken a hit on the...............>

AUSSIE: AUD/USD has taken a hit on the formalisation of the latest round of U.S.

tariffs on Chinese imports. AUD/USD last deals 30 pips or so softer at ~$0.7150.

Immediate support is located at Monday's intraday low ($0.7142) followed by the

61.8% retracement of the move from $0.7085 to $0.7229 ($0.7140). Bears continue

to focus on the YTD low ($0.7085), ahead of the key $0.7000 psychological level

which is reported to hold option-related support. Bulls need to quickly recover

the $0.7200 level to build up momentum for a challenge of the $0.7305/10 area.

- AU house price data and the minutes from the RBA's most recent MonPol decision

headline the domestic docket today. As a reminder the lack of dovish rhetoric

accompanying the RBA's September MonPol decision was the key takeaway as the

Bank left its cash rate unch. at 1.5%. Some of the language was more hawkish at

the margin as the Bank noted that "in H118, the economy is estimated to have

grown at an above-trend rate," which was vindicated by the Q2 GDP data. The

Bank's language surrounding mortgage rates was constant, in lieu of the recent

out of cycle hike from Westpac (which was followed post-meeting by ANZ & CBA).