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AUD/USD was driven by the combination of.....>

AUSSIE: AUD/USD was driven by the combination of the broader risk backdrop and
RBA rhetoric. The pair now sits at $0.6812, 10 pips higher on the day.
- The pair was offered early doors on the initial risk-off tone inspired by a
BBG source report re: the U.S. holding off on licenses for U.S. firms wanting to
restart business with Huawei. RBA Gov Lowe's parliamentary testimony brought
respite, his comment that Australian economy may have reached a "gentle turning
point" allowed AUD/USD to return to positive territory. After a knee-jerk lower
on a quickly downplayed mention of unconventional policy tools, the pair
fluctuated within a ~20 pip range through the rest of the session.
- The 38.2% fibo retracement of the Jul-Aug fall at $0.6832 remains the initial
bullish target. Conversely, bears look for a the $0.6750-46 area, which limited
loses on Aug 5, 6 & 8. Below opens the lower 1.0% 10-DMA envelope at $0.6743.
- Australian data highlights next week include domestic NAB biz. conf. survey
(Tuesday), as well as labour mkt report & quarterly wage price index (Thursday).
RBA's Kent speaks on Tuesday, while his RBA colleague Guy Debelle will appear
twice, on Wednesday and Thursday.

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