AUD/USD posted a minor leg higher as.........>

AUSSIE: AUD/USD posted a minor leg higher as London traders came in and last

deals at $0.6925, 3 pips worse off.

- The trendline resistance-turned-support at $0.6917 remains the initial bearish

target. A break here would suggest the resumption of a downtrend, while leaving

the $0.6900 figure exposed. Bulls look to $0.6949/53, which represent the 50-DMA

& 21-DMA/the mid-point of the YtD range.

- Regional data releases applied pressure to the Aussie overnight. Westpac

consumer confidence index declined by 4.1% M/M to the lowest level since Aug

2017. Elsewhere, Chinese PPI held steady on a Y/Y basis, undershooting

expectations, while non-food CPI slowed in June.

- Terry McCrann wrote that "there's a good reason we won't be getting another

rate cut any or more gov't handouts any time soon," as a number of significant

stimulants have already been applied to the economy recently, which puts

policymakers in the position to monitor the impact of these stimulants.

- On the Aussie docket tomorrow are consumer inflation expectations and housing

finance data, as well as an address from RBA Dep Gov Debelle.