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Forex Flash: RBA expected to cut by 50bp vs 75bp - NAB

The NAB is retracting from its RBA 75bp rate cut this year by cutting back 25bp on projections, to now call for only two further 25 bps cuts for a cumulative 50bps in 2013.

"We still see a case for significantly easier monetary policy ahead but acknowledge there have been early signs that lower interest rates are already getting some traction in housing and equity markets, plus the RBA’s expressed ‘comfort’ with current activity, and finally that wholesale funding costs have fallen recently" NAB said.

Forex Flash: AUD/USD to range back higher towards 1.03 - Nomura

AUD/USD technicals favour a bullish move followed by ranging action in the AUD/USD this week, the Nomura FX team notes; "spot failed to follow through on downside moves through 1.0200, also bandwidth is very low, indicating that spot is likely to range. Hence, we expect spot to retrace the range back higher, target at 1.0300 (above 20D SMA)..."
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Forex: AUD/USD limited under 1.0290 so far

Following NAB business service survey coming in softer than previous at 1 for the month of February vs 3 in January, AUD/USD is holding well near session and weekly highs at 1.0280 last, off 1.0286. The pair is up +0.45% for the week so far, and -1.06% for the year. Australian ASX is slightly lower down -0.08% for the day, while US SP500 index closed higher by +0.32% at another fresh 5 year high, highest since Nov 2007.
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