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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free Access### POV: AUD BULLS FEAR MORE PAIN - Having...>
AUSSIE: ### POV: AUD BULLS FEAR MORE PAIN
- Having broken the key 0.7500 level, AUDUSD is now in outright bearish
territory with losses of over 3% since its Apr19 high (0.7813).
Fundamentals/technicals suggest there could be more pain to come.
- The RBA left rates on hold for the 19th straight meeting with an upbeat tone
on future economic growth. Despite this, Australia remains behind the global
trend with no rate hikes expected until 2019.
- The weaker market sentiment surrounding the commodity space, particularly
copper, has seen AUDUSD close lower 8 of the last 9 trading sessions. Seasonal
trends also suggest May is a bad month with losses in 7 of the last 8 years.
- Narrowing yield differentials continue to pressure with the AU-US 10y spread
touching multi-decade lows of -22.2.
Looking ahead - With no rate hikes priced in until 2019, market talk suggests
Friday's SoMP could interpret a more hawkish tone toward the RBA on growth and
inflation forecasts.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.