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AUSSIE: AUD/USD holds steady at $0.6751 ahead of a string of local data releases
and, crucially, the RBA monetary policy decision, followed by a presser with
Governor Lowe. Data prints on the radar today include m'fing PMIs from AiG and
CBA (final), CoreLogic House Price Index and building permits.
- See https://emedia.marketnews.com/RBA_Preview_Oct_2019.pdf for an RBA preview.
- NYT reported that U.S. Pres Trump asked PM Morrison for Australia's help in a
probe that would discredit the Muller investigation.
- The pair lost some ground yesterday as markets braced for today's RBA
decision. The heavish tone was already evident in Asia hours as data-inspired
NZD weakness filtered through into AUD, even as a better than exp. Caixin m'fing
PMI out of China granted some reprieve. A miss in U.S. MNI Chicago PMI helped
recovery ahead of the WMR fix, but this was followed by another dip.
- Bears focus on $0.6739/37, the low of Sep 25 and the 76.4% retracement of the
rally from early this month. Below clears the way towards $0.6700. Bulls target
the $0.6799-6801 region, which hosts a round number sandwiched between the 38.2%
retracement of the Sep 12-25 retreat and the 50-DMA.