Sunset Strip | Aussie Afternoon Institutional Market Wrap

Aussie market opened up with guns blazing and then gave it all up before making a slight recovery at the last few hours. The global markets are over the macro worries. US Fed does the backflip so much that they are opening their own circus…new show on tonight for the congress with Chair Yellen performing the main show. We have seen the low in AUDUSD till RBA cuts rates in August…going higher…technical level is 78-79 cents again. RBA will explain it as deflation and high currency solution, but it won’t be either while housing bubble is frothing at the mouth. US Fed Chair update tonight is the main game overnight…Will it be a single backflip or a double…or a triple? We know it won’t be hawkish!!! We see a rotation from resources into banks in the next few weeks as the rising currency forces the growth to yield trade. (VIEW LINK)