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Edging Higher After A Negative Week

AUD

AUD/USD has added a handful of pips in early Asia-Pac trade after wrapping up last week as one of the worst G10 performers. Local news flow from over the weekend was fairly limited, failing to provide any meaningful market impetus.

  • Domestic headline flow in Australia has been dominated by questions surrounding the re-opening timelines, while the Global Times has circulated some usual hawkish commentary re: Sino-Australian relationship.
  • The Australian docket is empty today, tomorrow's house price data and NAB Business Confidence are the next releases of note. Westpac Consumer Confidence hits Wednesday, while the closely watched labour market report comes out Thursday.
  • The RBA speaker slate this week includes Lowe, Ellis & Jones, all due to appear Tuesday.
  • When this is being typed, AUD/USD trades +10 pips at $0.7366. Bulls look to further gains past Sep 3 high of $0.7478, which would open up the 50% retracement of the May - Aug sell-off/Jul 13 high at $0.7499/0.7503. Bears need a fall through Sep 8 low of $0.7345 before taking aim at Aug 30 low of $0.7285.

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