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AUD/USD shed 18 pips overnight and last......>

AUSSIE
AUSSIE: AUD/USD shed 18 pips overnight and last deals at $0.7088, as weaker than
exp. Chinese CPI & PPI figures weighed on the Aussie, already fragile after
optimism re: Sino-U.S. trade relations was tempered by yesterday's BBG reports,
suggesting that large divisions persist over structural reforms in China
demanded by Washington. 
- AUD's (slow) recovery was capped by the latest FT report pointing to
long-standing trade issues remaining, with both sides scrambling to cobble an
MoU together to facilitate a meeting between Trump & Xi next month. 
- It is worth mentioning that Fitch revised NAB's credit outlook to negative &
affirmed Australia's four major banks' ratings. 
- Initial support is located at yesterday's low of $0.7072, while a fall through
that level would draw bearish attention to the 1.0% 10-DMA envelope at $0.7048.
On the topside, spotlight falls on the 100-HMA at $0.7095, ahead of the 200-HMA,
which is located 20 pips above. 
- AU focus next week turns to RBA Feb meeting minutes due Tuesday, wage data due
Wednesday, AU labour mkt data due Thursday & RBA Gov Lowe's remarks due Friday.
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