• NY opened near 0.7055 after 0.7044 traded overnight, pair neared 0.7045 early

• A rally ensued however after US July headline PPI came in below estimates

• USD, US yields fell while stocks, gold, silver, copper moved upward

• AUD/USD turned positive, hit 0.7067 but bulls ran out of gas as USD buying took hold

• USD/CNH rallied toward flat, gold & silver moved down & stocks eroded some gains

• AUD/USD turned lower again, sat near 0.7055 late in the day, traded down -0.08%

• Techs lean bullish however; consolidation of gains off July 29 low persists

• Pair remains above 10-, 21- & 55-DMAs and monthly RSI indicates upward momentum
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(Christopher Romano is a Reuters market analyst. The views expressed are his own)