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AUD/USD hit a high of $0.7211 on the USD.....>

AUSSIE: AUD/USD hit a high of $0.7211 on the USD weakness in early dealing,
before fading as ANZ & CBA followed Westpac, and lifted their variable mortgage
rates by 0.16% & 0.15% respectively, meaning that NAB is the only bank within
the big 4 not to do so thus far. This is expected to put further pressure on
consumer's wallets and, as a result, potentially leave the RBA cash rate lower
for longer.
- The continued failure to sustain rallies above $0.7200 keeps the focus to the
downside in AUD/USD. Focus remains on the YtD/May 24 2016 low ($0.7145), a break
opens the 1.618% swing target ($0.7092), ahead of the key $0.7000 psychological
level. Bulls need a break back above $0.7305/10 to alter the short-term outlook.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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