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Forex Flash: AUD/USD wanes in aftermath of steady RBA – UBS

The RBA left the policy rate on hold at a record low of 3.0%, very much in line with consensus opinion. However, the explicit easing bias was kept in place, triggered a 40-pip selloff in the AUD/USD. According to Research Analyst Gareth Berry at UBS, “Although the current policy settings were deemed to be appropriate today, the inflation outlook would afford scope to ease policy further, should that be necessary to support demand.”

Moreover, “Our Australian economists doubt it will come to this as tentative signs of improvement in the non-mining sectors of the economy are already evident. The statement went on to make the usual reference to the exchange rate being higher than might have been expected, though there was no evidence that the RBA has become less tolerant of this state of affairs.”

Finally, The overnight developments have worked in favor of our short AUD/NZD trade recommendation. Next up, Wednesday's milk auction represents the next obstacle to navigate.

Forex: USD/JPY eases back to lows

A "risk off" sentiment is strengthening the Yen today, as it corrects from its extended rally that allowed a move to as high as 93.18 yesterday. Commerzbank analysts look at 93.32 as strong resistance, coupled with 93.96.
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