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Forex Flash: USD a buy on dips; AUD lower - NAB

“With too many potential negatives in other major currencies and no signs of QE-dollars leaking abroad as a result, it is difficult for now to hold anything other than a buy USD on dips view,” strategists at the NAB say, expanding: “We believe the AUD can leak lower again without the need for domestic data to turn for the worse and RBA rate cut hopes to revive, in particular if the USD continues to trade with a steadier/firmer tone.”

“Metals prices are one fundamental driver we believe could be a catalyst for fresh weakness, all
the more so after a set of relatively soft China February data,” they add.

Forex: NZD/USD tries to set a base at 0.82

After briefly breaching the 0.82 mark on the back of a strong NFP number last Friday, with 0.8197 now the lowest of the year for the Kiwi, the pair has been picking up ever since, and is now pressing against 0.8225, area that may be acting as supply, just as it did in the slide from Feb 27 and the half-hearted attempt of recovery in the last New York session.
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Forex: AUD/JPY holding above 98 on the back of Yen weakness

AUD/JPY is last at 98.38, around session highs, little changed from previous weekly close Friday, and off initial session lows at 97.92, mostly helped on Yen weakness. “AUD/JPY broke above daily resistance at 97.50 and further gains now look very likely,” says FXWW founder Sean Lee.
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