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Forex Flash: AUD vulnerable to a carry unwind like in 2008 - HSBC

The AUD has experienced a difficult start to 2013, with the currency one of the main casualties of the normalisation process and the revival in EUR enthusiasm, says the HSBC FX research team.

However, the bank warns: "Recent JPY weakness is likely to have prevented further AUD weakness and if we are to see a reversal in the JPY’s fall the AUD is vulnerable to a carry unwind similar to that seen in 2008."

Forex: AUD/USD dives under 1.0300

In a market with most trading places closed over holiday, and only Australia left open for business, 15 pips down in AUD/USD looks like a big deal. Last at fresh session lows 1.0294, the pair is down -0.24% so far for the session since previous weekly close Friday, following worst decline in home loans in Australia since late 2010 recently released. Aussie ASX index is slightly down -0.06% for the day, with oil and gold totally flat.
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Forex Flash: Weak demand in Australian housing; RBA more to do - NAB

Today's only Australian data on the value of Housing Finance Approvals fell 2.6% in December, after the 0.8% fall in November, with owner-occupied values fell 2.7% in December and investor approvals down 2.4%, while first home buyer activity at 8½ year low, notes Spiros Papadopoulos, senior economist at NAB, who thinks it was !overall a soft report that suggests still weak demand in the housing sector, thus RBA has more easing to do..." he said.
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