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Flash: AUD remains under downward pressure - BTMU

FXstreet.com (Barcelona) - Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ notes that the Australian dollar remains under downward pressure with AUD/USD having tested support at the 0.96-level for a second time.

He feels that if support continues to hold it may encourage speculators that a near-term bottom is in place with the pair having already declined sharply by 7.0% in May. Further, he sees that building investor concerns over slowing economic growth in China have finally resulted in the Aussie adjusting lower. He adds that comments yesterday from Chinese Premier Li Keqiang will have supported those concerned having stated to German business leaders that China is confronted with “huge challenges” as it seeks 7.0% annual growth this decade down from more than 10% in the last decade. He writes, “Respected RBA watcher McCrann from the Herald Sun has also warned in an opinion piece released overnight that the Australian economy is heading for a “potentially catastrophic collapse” which has added to Aussie pessimism in the near-term.”

Flash: ECB expectations and technical opportunities - Societe Generale

Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that in Europe there is little news, higher core yields, lower peripheral yields, a flat currency and a resumption of spread tightening in credit.
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Flash: A slow start to the week - BMO Capital Markets

Stephen Gallo, European Head of Currency Strategy at BMO Capital Markets notes that it looks like a quiet start to the week as the market returns from holidays in both the US and the UK.
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