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Forex Flash: AUD strategy profile – Westpac

FXstreet.com (Barcelona) - Base metals prices continue to test lows since November, along with continued pressure on iron ore and coal, which have all affected the AUD/USD. However, according to Global FX Strategist Sean Callow at Westpac, “ This seems more a reason to sell into AUD and NZD bounces than to be too bearish vs. the USD where ranges are creeping higher. If European turmoil can be limited, 1.0350-1.0500 should contain trade in a short week.”

Regarding the AU outright, the Cyprus news has pushed domestic yields towards the upper end of their range. Barring any surprises from the RBA Governor in tomorrow’s speech, we expect AU bonds will simply trade in line with global sentiment though are not expecting a breach the recent high in yields (3.17% in 3yr bonds).

Forex: EUR/USD in a sticky wicket following plunge below 1.2900

The EUR/USD has been in a tailspin Monday, following the disparaging remarks from the Chairman of Cypriot Parliamentary Finance Papadoloulos, in which he noted that they must assess benefits of a euro exit. The comments sent the pair into escape velocity below the 1.2900 region, as the cross inked fresh session lows at the 1.2674 level.
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Forex: USD/CAD recovers from 1.0185 and jumps above 1.0220

The Greenback is currently trading higher against its Canadian counterpart after bouncing from 10-day lows at 1.0185 to jumps above 1.0200 and reach the 1.0225 level. At this moment the USD/CAD is trading at 1.0220.
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