AUD/USD holds steady at $0.6931 as...........>

AUSSIE: AUD/USD holds steady at $0.6931 as investors await the release of the

key labour market report, which will be closely scrutinised by the RBA. For our

preview see MNI Main Wire at 14:20 BST 06/12.

- In Wednesday's Australian evening/London morning, RBA Assistant Governor Ellis

said that Australia's NAIRU is now about 4.5%, as opposed to last year's 5.0%.

- AUD/USD slid through yesterday's Asia-Pac session as risk appetite turned sour

after U.S. Pres Trump said that he is holding up China trade deal. Softer than

exp. domestic cons. conf. tallies added to the unfavourable picture for AUD.

- European hours saw consolidation within the $0.6940-60 region, but AUD/USD

dropped thereafter, as the greenback benefitted from Trump's remark that he's

considering sanctions to block the Nord Stream 2 pipeline project.

- Below $0.6927/25, which represent Wednesday's/Jun 3 lows, opens the

psychological $0.6900 mark. A further dip would expose cycle lows of $0.6865,

touched on May 17 & 23. Bulls look for a break above Wednesday's

high/100-HMA/200-HMA at $0.6964/65/69. This would allow them to target the Jun 6

peak/38.2% fibo retracement of $0.7206-$0.6865 at $0.6994/95.