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War Drumbeat In Eastern Europe Drives Risk

AUD

Selling pressure hit AUD/USD Thursday as Russia launched a full-scale war against Ukraine rattling risk assets. The rate clawed back some losses in NY hours as U.S. Pres Biden noted that the West would hold off on cutting Russia's access to the SWIFT payment system.

  • AUD/USD last changes hands at $0.7161, little changed on the day. Bears look for losses past yesterday's/Feb 14 lows of $0.7095/86 towards Feb 4 low of $0.7052. On the flip side, a clearance of Feb 23 high of $0.7284 would turn focus to Jan 13 high of $0.7314.
  • On the data front, focus in Australia next week falls on company operating profits, inventories & retail sales (Monday), BoP current account balance & net exports of GDP (Tuesday), GDP (Wednesday) and trade balance (Thursday). Furthermore, Tuesday will bring the next monetary policy decision from the RBA.
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