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Jun 09 - 10:55 PM

AUD/USD - Support Being Eroded As Commodities Slide

By Krishna K  —  Jun 09 - 09:30 PM
  • AUD/USD extends losses in Asia, down 0.1% after a steep 1.25% fall on Fri

  • Weighed down by higher U.S. yields and paring back of Fed rate cut bets

  • Just one 25 bps cut expected this year vs. 2 earlier after US jobs report

  • AUD undermined by 4.1% drop in NYK copper and 3% gold fall Friday

  • Higher-for-longer RBA rate stance likely to cushion AUD drop

  • Trading likely to remain cautious ahead of key risk events this week

  • Fed rate decision and U.S. CPI Wed, Australia employment data Thursday

  • Support at 0.6580, 38.2% Fibo of April-May rally being eroded

  • Clear break opens decline to 0.6558, 0.6538; resistance 0.6620-30

  • Markets in Australia, China, Hong Kong and Taiwan closed Monday

  • Friday range 0.6681-0.6579; Monday Asia range 0.6585-0.6576

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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