Australian Dollar (AUD) weak retail sales in April yesterday set the ball rolling and we saw large losses under 0.9800 to test 0.9700 by the end of the US session. Year lows are right under 0.9700 and support is seen at 0.9660 and then 0.9500. Risk off trading and expectations the RBA will cut rates again next week is providing continuous selling pressure. Update Q1 CAPEX at 6.1% vs. 4% forecast.
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