USD Trading Outlook (17-07-2013)

The AUD enjoyed a recovery day yesterday with shorts covering ahead of another speech from Ben Bernanke tomorrow. The Aussie was the best performing of the major currencies and the bears will undoubtedly be getting a little nervous. Much of the bearish AUD sentiment has been based on negative China-rhetoric but once the bad news dries up then the AUD-sellers will start to cover.

BOJ minutes today are unlikely to contain any surprises so look to headlines out of China for guidance on the day.

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