USD Trading Outlook (08-05-2014)
The Australian Dollar (AUD): The pair traded in a bearish tone to a low of 0.9319. Yellen’s testimony weakened the USD, her tip to recent housing weakness and continued sloppy labour sent U.S yield tumbling. AUD/USD lifted off the lows and hit 0.9343 where it sat late in the session. Oz job data is due later today and the f/c to deteriorate slightly. If it comes in weak, then gains may be erased and key support near 0.9200 may be retested.
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