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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play

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AUSSIE: Increased pessimism surrounding a Sino-U.S. trade deal provided the
initial catalyst for a move lower in AUD/USD Thurs, before a recovery in U.S.
stocks later in the day eased pressure. AUD/USD last $0.7230, a touch softer in
early Friday trade, but off of lows following optimistic trade comments from
U.S. President Trump.
- RBA's Debelle garnered some Thursday, stating that "the RBA has repeatedly
said that our exp. is that the next move in MonPol is more likely up than down,
though it is some way off. But should that turn out not to be the case, there is
still scope for further reductions in the policy rate. We have also been able to
examine the experience of others with other tools of MonPol & have learned from
that. Hopefully, we won't ever have to put that learning into practice. QE is a
policy option in Australia, should it be required." Debelle seemed relaxed when
questioned on recent GDP data, perhaps suggesting that his initial comments
allude to scenario analysis, as opposed to any central RBA discussions.
- Up trendline support from the Oct lows has given way, with bears targeting the
$0.7200 level ahead of the 50-DMA at $0.7185. Bulls need to clear $0.7400.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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