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Aussie down in a quiet overnight trade

Monday, Mar 21 2016
There were no data releases from Australia this morning, with Aussie falling down a bit. The RBA has stayed neutral on recent Aussie dollar strength, though assistant governor Guy Debelle said last week: "Most central banks want lower currencies, to push up inflation or create a bit more activity. I don't think we're any different from that. But obviously everyone can't have a depreciating currency." Justin Fabo, senior economist at ANZ expects the US dollar to strengthen over the medium term and provide some relief for the Aussie, however until then the local currency will remain a frustration for the RBA.
OANDA Australia senior trader Stephen Innes said the Australian dollar was down, but likely to take off again before the end of the week. He said it would be supported by stronger commodity prices, ongoing US dollar weakness and increased risk appetite. “The Aussie could be a fueled missile just waiting to take off,” Mr Innes said. “I suspect there will be a rush to get topside exposure established on the next Aussie run to the US77 cents handle.”
 
Aussie is currently being traded around 0.7570 area. Pair is likely to find support around 0.75 handle and resistance above 0.7630 level. Later today, in the US session, Existing Home Sales figures are scheduled for a release.
More in this category: « USD - Major events in the week ahead Eurozone Current Account surplus at €25.4 billion »

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