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AUD/USD staging a test of $0.7000 at.........>

AUSSIE
AUSSIE: AUD/USD staging a test of $0.7000 at writing after drawing support from
the broader commodity-related FX rally on Wednesday, although Aussie
underperformed its Antipodean cousin in the wake of the latest RBNZ decision
(slight payback seen thus far in Asia hours in the wake of the latest NZ ANZ
business confidence reading, which was softer than last month).
- The aforementioned SCMP story re: a tentative U.S.-China trade truce into G20
is also lending some support, while the uptick in Chinese industrial profits
will be doing the AUD no harm, with the local Aussie economic docket empty
today.
- A break above $0.7000 would allow bulls to target the June 10 high at $0.7203.
While bears look for the figure to hold, before they can re-focus on the
100-hma/June 24 low.
- Worth highlighting that the Australian trade minister has revealed that there
will be an RCEP nation meeting tomorrow, while the latest round of private
sector credit data (also due tomorrow) provides the highlight of the domestic
economic docket over the next couple of sessions.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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