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Forex Flash: Unless China flash PMI satisfies, AUD/USD may probe 1.0150/1.02 - Westpac

FXstreet.com (Barcelona) - According to Westpac strategists, the stabilization in gold prices is temporarily buoying in the Aussie, however, the bank does not ignore the bigger picture, saying that "base metals remain fragile..."

"Unless today's China Apr flash PMI is well above forecasts, the Aussie looks set to probe 1.0150/1.0200 over the week", adding that "muted CPI data should reinforce pricing for RBA easing." The banks remains short AUD/NZD.

Markets take a breath in a quiet day; Euro down on sovereign talks

Currencies were trading mixed on Monday as investors were digesting a better than expected corporate earnings but poor economic data in the US. The Dollar Index, posted gains against its rivals hovering over 82.85/90 region from highs above 83.00.
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Forex: EUR/USD recovers early losses and closes above the 1.3060

After declining from the 1.3070 area to the 1.3015 in the European session, the Euro managed to recover ground against the US Dollar with the pair bouncing to trade back above the 1.3050. Currently the EUR/USD is trading at 1.3065, almost flat on the day but slightly bullish according to the FXstreet.com's trend index.
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