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The Aussie dollar traded up to 0.8026 in early European trade but it has crashed around a cent-and-a-half since then to 0.7886 this morning on the back of an article from Terry McCrann saying the RBA is likely to cut next week and is downgrading its growth and inflation forecasts. There’s also the move from the RBNZ, which this morning changed tack on monetary policy.
There could of course be some weakness in the Aussie given the poor close on US stock markets and the obvious uptick in risk aversion.
But the sellers are in and the Aussie looks biased lower again.
Here’s the chart:
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