USD Trading Outlook (09-08-2013)
The market is finally starting to evolve as I had expected and I think we are likely to see a much higher AUD in coming weeks. Yesterday we had some disappointing local jobs data and some decent Chinese trade data, and it was the latter which the market reacted to. The AUD market is very short, and it got short at the wrong levels, so any sign of good news is likely to set off more trailing stops in thin holiday markets. Today we have the RBA monetary policy statement and Chinese CPI on the calendar.
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