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Oct 07 - 05:55 PM

AUD/USD - Weakens As Dovish Fed Bets Scaled Back

By Krishna K  —  Oct 07 - 05:20 PM
  • AUD/USD likely to remain on defensive after declining 0.55% on Monday

  • Weighed down by higher U.S. yields; 10-year yield rises above 4%

  • Bets on 50bps Fed rate cut abandoned after strong U.S. jobs report Friday

  • Chances of Fed 25bps cut in Nov at 85%, 15% chance of no change

  • Aussie undermined by risk aversion induced by Middle East conflict

  • Return of China markets from week-long holiday awaited

  • Some expect China equities to gain a further 7%-10% Tue, may lift risk mood

  • China officials to brief on economic policy implementation Tuesday

  • Strong support at 0.6740-45, break opens 0.6700-05

  • Resistance 0.6785-90, 0.6810-15; Monday range 0.67435-0.6810

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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