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May 08 - 03:55 PM

AUD/USD - Slide Extended As Long Unwind Continues After Dovish RBA Hold

By Paul Spirgel  —  May 08 - 02:00 PM
  • AUD$ extends weakness, -0.3% at 0.6577; Wednesday range 0.6599-0.6558

  • More-dovish Fed rate expectations ebb, dovish RBA hold stirs selling

  • AUD/USD reprieve with slide halted by 200-HMA nL1N3HB1IF

  • Long AU yields lower this week, as is copper HGv1 -1.3% aids AUD decline

  • Relative rates in AUD favor; IRPR shows RBA on hold, Fed -44bp into YE '24

  • Focus for now remains on When US will begin to cut; Sept cut at 80% odds

  • AUD$ supt at Wednesday's cloud twist by 0.6555, 55-DMa at 0.6537

  • Res 100-DMA at 0.6580, 0.6599 Wed high, 0.6650 upper 30-d Bolli/May 3 high

  • Bulls in control abv 0.6506, 50% of 0.6363-0.6650

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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