AUD/USD registered a minor downtick after....>

AUSSIE: AUD/USD registered a minor downtick after JP Morgan revised their RBA

call to four 25bp cuts by mid-2020 (which would leave the cash rate at 0.50%).

AUD/USD trades at $0.6922, a touch lower on the day, with AUD marginally lagging

all of the G10 currencies.

- The Aussie outperformed all of its G10 peers save JPY on Tuesday, but AUD/USD

remained stuck within a ~20 pip range. Early gains posted in Tuesday's Asia-Pac

session were erased after softer than exp. yuan fixing from the PBoC. AUD/USD

then staged a recovery attempt, topping out at $0.6936 ahead of the WMR fix, but

eased off into the close, finishing a mere 6 pips better off.

- Bulls look to clear $0.6940, which proved hard to overcome in the recent days,

as well as the 21-DMA at $0.6946. This would expose the 61.8% fibo retracement

of the YtD range at $0.6953. Bears target Monday's low of $0.6904.

- Australian capex & building approvals come out on Thursday, with private

sector credit data due on Friday. Also on Friday, China releases its official

PMI readings, which will provide some interest.