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AUSSIE: AUD/USD last trades flat at $0.6878. Bulls look for a breach of the
psychological $0.6900 level before challenging the 200-HMA/21-DMA at $0.6922/28.
Bears need to clear $0.6866/65, which registered lows on May 21/17 & 23, before
attempting a move at the lower 1.0% 10-DMA envelope, which comes in at $0.6853.
- Despite touching a fresh cycle low of $0.6832 in yesterday's Asia-Pac session,
the rate staged an impressive recovery in European & U.S. hours, as risk
appetite reared its head.
- The initial underperformance was inspired by the simultaneous release of
Australian house price index, which fell more than exp., and the latest RBA
MonPol meeting minutes, which noted that members see further rate cuts as "more
likely than not" in the period ahead.
- However, comments from ECB Pres Draghi, who said that rate cuts remain in the
ECB's toolkit, and the confirmation that U.S. Pres Trump will hold an "extensive
meeting" with Chinese Pres Xi at next week's G20 summit revived risk sentiment.
- Thursday's speech from RBA Gov Lowe takes focus from here. Elsewhere, CBA will
publish its PMIs for Australia on Friday.