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Jan 31 - 06:55 AM

AUD/USD - Under 0.66 Pre-FOMC Event Risk Amid Yuan Focus

By Rob Howard  —  Jan 31 - 05:15 AM
  • 0.6591 is high water-mark for AUD/USD since its Asian session fall to 0.6560

  • China's major state banks defend yuan as stock markets slide - sources

  • AUD is often used as a liquid proxy for yuan. 0.6560 was low since Jan 23

  • Drop to 0.6560 was spurred by softer-than-expected Australian inflation data

  • Lower iron ore prices hurt AUD too. Fed event risk from 1900 GMT

  • There are large 0.6590 and 0.6600 option expiries for the NY cut (pre-Fed)

Source:
Refinitiv IFR Research/Market Commentary

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