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5 Aug 2013
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”.
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”.