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China Repo Rates Rise on Wednesday


Notable Shifts In OCR Track


Brisk OCR Lifts In Focus

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A stronger greenback led AUD/USD lower in the European session but further gains in oil saw the greenback fall which helped the pair regain lost ground. The rate dropped as low as 0.7716 before bouncing and closing at 0.7754, last down 6 pips at 0.7748.

  • On the coronavirus front Victoria reported 3 new cases of coronavirus in the past 24 hours, RBA's Debelle gave testimony to parliamentary panel yesterday and cited the RBA's quarterly update of forecasts released In May as highlighting the potential for further short sharp lockdowns. He noted that while the Victoria one is a bit longer than expected and the bank will have to wait and see how the situation develops.
  • Data just released showed Services PMI fell slightly to 58 in May from 58.8 in April, Composite slipped to 58 from 58.9. Commenting on the latest survey results, Jingyi Pan, Economics Associate Director at IHS Markit, said: "Australia's service sector sustained a strong rate of expansion in May with both demand and business activity growing at a healthy pace. The improvement in economic conditions can be seen providing firms with better confidence to continue hiring at a record pace."
  • Back to today's domestic docket, the final trade balance and retail sales figures for April will hit. Further afield participants await the release of the latest Caixin Services PMI survey out of China.

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