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AUD/USD neutral stance for the week – Westpac

FXStreet (Edinburgh) - Strategists at Westpac Global Strategy Group moved from bearish to neutral in the pair for this week.

Key Quotes

“The Aussie’s rebound after the US NFP lows has provided a much-needed injection of confidence”.

“It doesn’t necessarily make the case for long positions but helps us switch back to neutral from bearish on the week”.

“The AUD domestic story remains neutral rather than overly negative, with markets firmly priced for steady rates by mid-2015”.

“Thu’s jobs data shouldn’t change this (we look for -70k statistical correction)”.

“The RBA statement was cautious but did include less concern over AUD overvaluation”.

“The return of Chinese markets from weeklong holidays will return the spotlight to iron ore prices. The commodity story overall remains a cap on AUD until Q4 seasonal start to support iron ore”.

“Look for a rough 0.8670 - 0.8900 range on the week”.

GBP/USD got no fuel from the UK IP data

GBP/USD failed to break above 1.61 resistance, and settled around 1.6075 before the UK data; it moved a couple of pips lower post the release, but currently returned to 1.6080.
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