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Risk assets welcomed the ECB's...............>

AUSSIE
AUSSIE: Risk assets welcomed the ECB's announcement of an emergency asset
purchase programme, and AUD/USD popped higher. It pulled back promptly, but
rebounded, extended gains and now sits +41 pips at $0.5814. The focus remains on
central banks, as participants are bracing for the announcement of the RBA's
next policy steps at 14:30AEDT/03:30GMT, with a speech from RBA Gov Lowe coming
up at 16:00AEDT/05:00GMT. Before that, the Oz will report its labour mkt data.
- The RBA is expected to cut the cash rate to a record-low 0.25%, with many
expecting the launch of a QE programme.
- Bulls need a firm push above the psychological $0.6000 barrier to regain
poise. Bears keep an eye on Wednesday's low of $0.5702, the worst level since
2003. Below opens the lower 3.0% Bollinger band at $0.5588.

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