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AUSSIE: Despite a defensive start to the week, AUD/USD staged a dynamic recovery
in Monday's European & U.S. hours, as the unwinding of initial risk-off flows
was accelerated on the back of the Fed's announcement that it will start buying
corporate bonds under an emergency lending facility that had only purchased ETFs
before. This allowed the rate to finish the day on the front foot.
- Topside momentum has carried over into the Asia-Pac session and the pair
posted a leg higher. It last sits at $0.6946, 27 pips better off. Bulls look to
clear Jun 11 high of $0.7005, which would open the bull trigger at $0.7063, the
high of Jun 10. Bears keep an eye on Monday's low of $0.6777 and a break here
would open up Jun 1 low of $0.6646.
- The AFR reported that New South Wales' Treasurer is poised to unveil forecasts
noting that the state's economy will shrink 10% this FY & lose 275k jobs.
- Australian economic docket this week is headlined by RBA Jun MonPol meeting
minutes, weekly payroll jobs and wages & Q1 house price index (today), labour
mkt data (Thursday) and flash retail sales (Friday).