AUD/USD snapped its four-day winning.........>

AUSSIE: AUD/USD snapped its four-day winning streak Thursday and corrected this

week's decent rally, which saw the rate show at fresh YtD highs. The pair sank

pressured by simmering Sino-U.S. diplomatic tensions, the first uptick in U.S.

initial jobless claims since March & comments from U.S. Tsy Sec Mnuchin re:

fiscal matters. Losses may have been cushioned, to some minor degree, as S&P and

Moody's judged that a spike in Australian budget deficit will likely remain

under control, after Treasurer Frydenberg delivered his fiscal update.

- The spot has picked up a modest bid this morning, as e-minis have edged

higher, while technical conditions still favour bulls. With the rate last seen

+10 pips at $0.7108, topside focus falls on Jul 22 high of $0.7182, followed by

Apr 17, 2019 high of $0.7206. Bears look for a dip through Jun 10 low of

$0.7063, a former breakout level, before targeting Jul 21 low of $0.7010.

- Preliminary June trade data and a round of flash CBA PMIs headlines the local

docket today. Next week, focus turns to a speech from RBA Asst Gov Kent

(Monday), weekly payroll jobs & wages (Tuesday), Q2 CPI (Wednesday) and building

approvals (Thursday).