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Forex Flash: GBP/AUD to stabilize after 1.4925-1.5050 target hit - Westpac

GBP/AUD has hit Westpac 1.4925-1.5050 short target and as FX strategist Sean Callow notes, "is probably due for at least stabilization, perhaps a push to 1.5150 so long as the RBA continues to threaten further easing and with sterling perhaps a little oversold." Only a break above 1.54, in view of Sean, "would probably require the RBA to indicate it will cut rates further than already priced in." In order to extend the bearish bias and make a push to Aug12 lows around 1.47, "we are likely to need to see another round of BoE QE, which is not our base case" Sean adds.

Forex: AUD/USD weakening below 1.0370

AUD/USD is currently 1.0345, off session lows at 1.0337, retracing from fresh weekly highs at 1.0368 reached by late NY session, up +0.41% for the week so far. The Aussie is showing some weakness following not so good domestic economic data, specially against Euro, the strongest currency major as of late, with EUR/AUD at 1.2980, near weekly highs.
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