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AUD/USD oscillates within a tight range,.....>

AUSSIE
AUSSIE: AUD/USD oscillates within a tight range, last trades flat at $0.6977.
- The Aussie depreciated vs. its G10 peers in Wednesday's Asia-Pac session as a
confluence of factors conspired against the currency. Australian CBA PMI survey
showed a slowdown in expansion, with worrying signals re: labour mkt; APRA
required Macquarie, Rabobank & HSBC to tighten the intra-group funding
arrangements amid their improper reporting; Westpac front-loaded and boosted its
RBA easing call; and skilled vacancies print was pretty downbeat.
- AUD/USD stuck to a ~20 pip range through the rest of the day, driven by
fluctuations in the greenback, closing 23 pips below opening levels.
- AFR reported that Aussie Treasurer Frydenberg is assessing the key MonPol
agreement between the gov't and the RBA before signing off on the document.
- Bears look for a dip through the 50-DMA at $0.6959 before targeting the 61.8%
retracement of the YtD range at $0.6953. Bulls need a break above the $0.6996-94
zone, which hosts a congestion of recent highs & lows, ahead of $0.7000.
- A speech from RBA Gov Lowe is expected at 0405BST/1305AEST. The title is
"Inflation Targeting & Economic Welfare."

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