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(U2) Trims Losses into Close


EGB Supply For W/C July 18, 2022


(U2) Bounces Off Low


W/C July 18, 2022

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AUSSIE: AUD/USD hit a high of $0.7379 in the wake of the RBA MonPol decision,
last $0.7377, as the rate sticks to a tight range. Rate likely benefiting from a
nod towards positive wage developments, even though the Bank noted that any
developments on the matter are likely to be gradual in nature. "The stronger
labour market has led to some pick-up in wages growth, which is a welcome
development. The improvement in the economy should see some further lift in
wages growth over time, although this is still expected to be a gradual
process." Talk re: tighter credit matters noted. "Ongoing trade tensions" also
mentioned. All in all there was little in the way of notable developments in the
statement (the final paragraph continues the recent trend of remaining
unchanged), with tomorrow's AU GDP release providing the interest in terms of
economic releases this week. Rate had failed to take advantage of the weaker USD
ahead of the decision.
- Bulls ultimately need a break of $0.7400 to build on recent momentum, an area
which also combines the congestion zone seen in Jun-Aug and the 200-DMA at
$0.7416. Initial support noted at $0.7316, the technical gap from Nov 30.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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