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Aussie Rate-Cut Bets Derail World-Beating Gain
This year’s best-performing major currency is losing steam as the Reserve Bank of Australia reinforces prospects it will consider cutting interest rates unless the economy regains momentum. Derivatives traders turned the most pessimistic on Australia’s dollar since March and boosted the odds of an interest-rate reduction by year-end to 29 percent, data compiled by Bloomberg show. Futures positions last week saw the biggest bearish shift since January, according to the Washington-based Commodity Futures Trading Commission. The Aussie has dropped 1.8 percent since June 30, paring to 3.9 percent 2014’s advance. ... (full story)
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