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Rate remains particularly weak despite.......>

AUSSIE
AUSSIE: Rate remains particularly weak despite recent modest recovery from cycle
lows. A break below $0.7050 will then eye yesterday's lows of $0.7041 - a
serious indicator that a fall through $0.70 will be in play. Daily momentum
indicators remain outright bearish, adding weight to the theory that the recent
recovery may be no more than a dead cat bounce. There remains significant option
interest at the $0.70 handle for today's NY cut, with $693mln set to roll-off
today. Also worth noting two RBA speakers are due tomorrow: Coombs and Ellis.

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