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Initial react following the overnight SoMP...>

AUSSIE
AUSSIE: Initial react following the overnight SoMP release saw the Aussie ease
lower from $0.7684 to
$0.7665 as the RBA lowered their inflation forecasts. Aud/Nzd short covering was
quick to pare losses following NZ Finance Minister Robertson remarks that said
creating a dual mandate similar to those of the FED or the RBA could result in
looser monetary policy in some situations. Consolidation largely remained the
theme as the pair held either side of $0.7685 for the balance of the session.
Fresh wave of demand into Europe touched $0.7695 but once encountered strong
headwinds ahead of the $0.7700 area ($0.7699/01 200-dma, Nov7 high). A break
here opens reported macro supply through to $0.7710. Aussie drifts to $0.7683 at
typing.

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