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Soft Chinese PMI data, weaker commodities....>

AUSSIE
AUSSIE: Soft Chinese PMI data, weaker commodities and a firmer USD all
attributed to the early AUD slippage, rate failed to reclaim the $0.78 handle
and touched pullback lows of $0.7781 ($0.7784 - 200-dma) before dip buyers
cushioned falls. Support seen on the downside at $0.7775/71 (100-dma, Feb14
low). Resistance at $0.7830 (23.6% $0.7988-0.7781). In other news overnight NAB
have changed their RBA rate call and now only see 1 rate hike in 2018
(previously 2) which they expect to come in November. Although the bank does
concede that "much will still depend on the data flow - it is not impossible
that the RBA stays on hold for all of 2018 and raises rates in early 2019."
Aud/Usd extends its recovery back through $0.7800 into Europe, last $0.7806.
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