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AUSSIE: AUD/USD shed 20 pips overnight and last deals at $0.7081 after the
release of RBA's SoMP, which affirmed Gov Lowe's earlier statement that the risk
to the outlook for interest rates is now more balanced. The central bank also
trimmed its GDP growth exp. across its forecast horizon (aggressively over the
immediate term) and cut the majority of its CPI exp. but left the end of 2020
estimate unchanged. The broader commodity-tied FX space was already under
pressure, as WTI extended yesterday's drop, while worries re: Sino-U.S. trade
relations were still evident.
- It is worth noting iron ore posted another impressive rally and touched the
best levels since 2014, although MonPol matters have dominated AUD traders'
thoughts this week.
- Initial support is provided by the cloud top at $0.7068 and a break below
would open up the lower 2.0% 10-DMA envelope at $0.7040. Meanwhile, bulls focus
on the lower 1.0% 10-DMA envelope at $0.7112, ahead of the 50-DMA at $0.7156.
- AU focus next week turns to domestic home loans due Tuesday, as well as
remarks from RBA's Heath & Kent on Wednesday & Friday respectively.