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Flash: Aussie expecting a cut - BBH

FXstreet.com (London) - Marc Chandler, Global Head of Currency Strategy at BBH notes the RBA coming up tonight.

Key Quotes:

“The Aussie made new three year lows before the weekend as expectations for a rate cut on August 6th (in Sydney) increased and the market began discounting another cut as well”.

“Initial resistance is seen near $0.9000. Any kind of bounce on the "sell the rumor buy the fact" type of activity following the rate cut will likely be sold”.

“Separately, news that China will suspend milk powder imports from New Zealand following Fonterra's admission of contamination is likely top weigh on the New Zealand dollar, which had lost 3% against the US dollar last week, making it the second weakest of the majors behind the Australian dollar”. T

“he Australian dollar has lost 11.8% against the New Zealand dollar over the past five months and the price action at the end of last week suggests it is poised to recover against the Kiwi”.

AUD/USD steady above 0.8900

AUD/USD is trading through the 0.8900 handle having bounced from 0.8860.
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Flash: A decent NFP report - BAML

David Woo and Shyam Rajan, strategist at BofA Merill Lynch said, is his view, the strong reaction of the rates and FX markets to a slightly weak headline number was unjustified.
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