• AUD/USD hit 0.7001 overnight, sellers emerged, the pair then turned lower

• USD rally despite US yield drop weighed down AUD/USD

• USD/CNH rally to 6.7810, oil gains & copper's drop also added weight

• AUD/USD fell below the trend line off the May 13 high, hit 0.6966

• The pair traded down -0.40% in early NY action

• US June housing starts, industrial production & July U of Michigan risks loom
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(Christopher Romano is a Reuters market analyst. The views expressed are his own)