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Yesterday's hold above 0.7050 and close......>

AUSSIE: Yesterday's hold above 0.7050 and close above Monday's 0.7081 highs as
well as the 0.71 level have helped repair some of the damage of recent weeks,
with bulls on the front foot today extending the rally to 0.7119. Key resistance
is seen at the 0.7200 level.
- The AUD has outperformed the majors in recent days thanks to an improvement in
real yield spreads, but the broader trend remains negative, particularly versus
the dollar.
- The AUD has found some support vs the EUR, with the 21-dma giving way in
AUDEUR to shift the near-term focus higher. The improvement in Australian over
German real yield spreads suggests further Aussie outperformance.  

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