USD Trading Outlook
The short-term bullish AUD sentiment was rudely shattered yesterday by some poor unemployment data. The market got itself long in anticipation of a good number and there was talk of very large stops above .9350. This all came to nothing after the data and the AUD got smashed across the board, but particularly against the Yen. The buoyant NZD has helped the AUD to steady in overnight trade but it still looks vulnerable on the crosses. There is nothing of note on today’s economic calendar.
The AUD continued its broad recovery overnight making solid gains against all of the other majors. Turnover was very heavy and it was AUD/JPY which again led the way. The easing of international tensions surrounding Syria has encouraged many to reduce their ‘risk-aversion’ hedges. There isn’t much of note on today’s economic calendar and we will again rely on positional adjustments for any movements.
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