USD Trading Outlook (05-08-2013)
The NZD has had a very volatile open this morning after Fonterra, their biggest exporter, reported contaminated milk powder which led to countries like China and Russia banning further imports. AUD/NZD has spiked higher on the back of this news. It will be a big week for the AUD with the RBA likely to cut rates by 25bps tomorrow. AUD short positioning is running at close to record level which suggests that a sustained bounce will happen as soon as some good news breaks.
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