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Finding Poise After Sharp Sell-Off, RBA Minutes Eyed

AUD

The combination of China's worsening Covid-19 situation, weaker than expected yuan fixing, and easing crude oil prices pulled the rug from beneath the Aussie dollar Monday. With the greenback supported by firmer U.S. Tsy yields, AUD/USD sank to its worst levels this month.

  • The rate has lodged some modest gains this morning and last trades at $0.7200, up 12 pips on the day. A clearance of Mar 10 high of $0.7368 would shift focus to Mar 7 high of $0.7441. Conversely, bears look for a slide through Feb 25 low of $0.7141 towards Feb 24 low of $0.7095.
  • Australia's ANZ Roy Morgan Weekly Consumer Confidence fell to 95.8 from 100.1, while accompanying commentary flagged that "inflation expectations jumped to 5.6% last week, its highest level since November 2012."
  • Australian house price data will hit the wires later today, alongside the minutes from the RBA's most recent monetary policy meeting. China's monthly economic activity data will also provide interest.
  • Later this week, focus will turn to Australia's labour market report, due Thursday.
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