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Aug 15 - 05:55 AM

AUD/USD - Down To Eye Thursday's Low After PBOC Cuts Rates

By Rob Howard  —  Aug 15 - 03:45 AM
  • AUD/USD eyes 0.7063 (last Thursday's low) after extending south from 0.7125

  • 0.7125 was Asian session high -- before China unexpectedly cut key rates

  • See: nL4N2ZO0XF. Yuan down to 1-week low vs USD on PBOC cuts nL4N2ZR0VW

  • AUD can be used as a liquid proxy for the CNY. Iron ore fall hurts AUD too

  • See: nL1N2ZR0A7. Iron ore is Australia's biggest export earner

  • 0.7034, 38.2% Fibo of 0.6870-0.7136, is a support level below 0.7063

Source:
Refinitiv IFR Research/Market Commentary

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