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###POV: AUDUSD TO RE-TEST FEB LOWS -.........>

AUSSIE
AUSSIE: ###POV: AUDUSD TO RE-TEST FEB LOWS
- Upside for AUDUSD could prove limited opening the way for a near-term
correction to the February low of $0.7759.
- Narrowing yield differentials continue to pressure with the AU-US 10y spread
at -10 basis points, the lowest since 1998.
- Month-end rebalancing bank models have suggested USD buying.
- Recent RBA minutes warned inflation returning to target and reducing
unemployment is likely to be gradual.
- AUDUSD has closed lower for three of the last four weeks and this trend looks
set to continue.
- LOOKING AHEAD: Fed Chair Powell appears before congress with the risk of a
slightly hawkish tilt on rising inflation and pace of rate hikes.
- US GDP will be closely monitored on Wednesday after the IMF recently upgraded
their 2018 projections from 2.3% to 2.7%.
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