By Christopher Romano — May 17 - 07:20 AM
AUD/USD fell 0.66705-0.6629 overnight, struck an 11-session low
Drop aided by USD/CNH break of 7.00 & making 5- month high of 7.0225 (D3)
Yuan weakness extended due to concerns China's recovery is losing steam
Downside miss to Australia Q1 wage price index q/q helped weigh on AUD
Slightly higher US rates SRAU3, broad US$ bid also weighed on AUD/USD
AUD/USD bounced, opened NY near 0.6650; USD/CNH dip near 7.01 aided lift
Equity ESv1, iron-ore DCIOc2 gains helped lift AUD/USD into NY's open
Monthly inverted hammer, pair below 21- & 55-DMAs give techs a bearish lean
U.S. April building permits and housing starts are data risks in NY
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Source:
Refinitiv IFR Research/Market Commentary