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Forex Flash: AUD/USD vulnerable even if RBA holds - NAB

Since the AUD has been trading heavy even with the market scaling back expectations for a rate cut from the RBA tomorrow (just 17%), NAB thinks that anticipated RBA rate inaction tomorrow might produce only a small short-lived rebound in the AUD, before weakness kicks in again, "especially if the RBA makes clear scope to ease policy remains very much in place" NAB said. The bank looks for "AUD/USD to spend more time trading on a 1.01 than 1.02 handle this week."
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