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AUD/USD likely poised for downtrend continuation towards 0.7000
AUD/USD has been falling in a sharp downtrend for the past month from its late April high above 0.7800. The initial drop was accelerated after a surprisingly low Australian inflation (CPI) reading was released near the end of April and then was followed up in early May by a Reserve Bank of Australia interest rate cut to a record low 1.75%. Subsequently, the central bank lowered inflation forecasts and hinted at further potential rate cuts. At the same time that the Australian dollar has been heavily pressured this month, the US dollar has been in recovery mode as increased anticipation of a near-term rate hike by a ... (full story)
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