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The break back under $0.7700 triggered.......>

AUSSIE
AUSSIE: The break back under $0.7700 triggered fresh supply from momentum-type
accounts to $0.7697 (200-dma) before fading. The Asia low provides next support
at $0.7673, more techs at $0.7648/40 (Nov1, Oct27 low). Optional-expiry interest
also a worthy reminder for today's NY cut at $0.7700 ($1.49bn). Looking further
ahead is tomorrow's Australian Retail Sales release at 0030GMT. RBC note the
September number will include both the monthly turnover figure and Q3 volumes,
adding "our economists are monitoring it to judge the strength of real
consumption, which is a key input into Q3 GDP forecasts (6 Dec). An unexpected
soft Q3 CPI print may temper the impact on volumes given particular weakness in
food, clothing and footwear sub-component prices. RBC see "the quarterly
deflator at -0.6%, boosting our Q3 volume measure of retail turnover to a still
modest 0.4%."

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