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AUD/USD sits at $0.7013, unch. on the day....>

AUSSIE
AUSSIE: AUD/USD sits at $0.7013, unch. on the day after falling 27 pips Tuesday.
- Initial support noted at the psychological $0.7000 barrier, which capped gains
on Jul 2. If it gives way, bears will be able to target the Jul 12 low of
$0.6971. Bulls need a return above the 100-DMA at $7019, breached on Tuesday,
before challenging $0.7048, which represents Jul 4 & May 7 highs.
- The rate slid on Tuesday as USD gained poise, partially on the back of better
than exp. U.S. retail sales. Meanwhile, broader picture themes kept AUD under
pressure. U.S. Pres Trump said that he could impose more tariffs on China if he
wanted to, while commodity-tied FX faced headwinds from falling oil prices.
- The RBA's July policy meeting minutes were shrugged off, as they merely
reiterated the Bank's focus on labour market and readiness to act if needed.
- Focus turns to the key Aussie labour mkt report, due Thursday. Otherwise
Aussie docket is thin, with second-tier Westpac Leading Index hitting today.
- In local news, the APRA faces a major overhaul after a governmental review was
very critical of its "culture of conformity," preference for closed-doors
solutions and general sluggishness.

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