PBoC acts to stabilise the currencies seeing Aussie Dollar recover
AUDUSD: The Chinese Central Bank dropped their reference rate by 1.6% and sent our local currency to fresh 6 year lows. However there was a huge rally as rumours spread of the PBoC selling USD to bring their currency back in line. That and the growing feeling the Fed may be on hold until December have the Aussie back to where we started the week. US data this evening is expected to be strong and we should therefore hold the range. AUDEUR: Clawed back recent losses with no real EU developments or data. German GDP is due this evening and perhaps a market mover, but we need a break of the downward trend to determine direction. AUDGBP: Poor UK data has helped this pair bounce back more than half of the last two days losses. We expect the weeks range to hold and suggest orders are placed either side. AUDNZD: The pickup in the Australian Dollar has this pair close flat and we have been held in tight price action as both currencies react similarly to offshore events. (VIEW LINK)
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