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AUD Rally Slowing; Is Further Upside Still To Go This Wk?
High-yield currencies including AUD are expected to gain this week as sentiment improves following US fiscal uncertainties. Having already rebounded significantly however, AUD gains should slow as investor long positions become over-extended. Notwithstanding this slowing, recent AUD gains are likely an increasing source of concern for policy makers as comments from the RBA’s Steven’s showed earlier this week. Indeed board members’ are likely to become more uncomfortable with continued AUD strength given the trade weighted index near 6.0% rise in the past month. In this respect Wednesday’s Q3 CPI release will ... (full story)
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