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AUDUSD’s “Spidey Sense” is Tingling
Much like my wife, markets almost never give clear, unambiguous signals. Last week’s surprise decision by the PBOC to cut interest rates for the first time in more than two years provides the perfect example. Immediately following the decision, traders bid up the AUDUSD, reasoning that more stimulus in China should benefit the country’s imports and by extension, trading partners like Australia and New Zealand. However, an opposing narrative has emerged this week, helped along by RBA Assistant Governor Philip Lowe’s comments last night. In comments at an Australian Business Economists dinner, Lowe hinted that ... (full story)
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