RBA cuts rates as expected to 2.5% from 2.75%
City Index August 6, 2013 1:25 PM
<p>RBA cuts rates as expected to 2.5% from 2.75% and shifts towards neutral causing AUD to rally as the rate cut was priced in the […]</p>
RBA cuts rates as expected to 2.5% from 2.75% and shifts towards neutral causing AUD to rally as the rate cut was priced in the market already so a squeeze higher. Other than this very quiet Asia session tight ranges, Gold having a move lower on comments from the FED’s Fisher saying FED are closer to QE tapering.
Today’s figures for UK could keep the GBP buoyed if strong data keeps coming as expected with Manufacturing Production, Industrial production both expected to be stronger than previous and then later the NIESR GDP estimate previously was 0.6%.
In Europe we have Italian Prelim GDP q/q expected at -0.4 better than previous months and German factor orders expected at 1.1%, this also could keep EUR in positive mode and ranging between 1.3200 and 1.3300.
In the US we have the trade balance expected -43.1b better than previous, and FEDs Fisher talking a voting hawk so expect bullish comments.
Supports 1.3230 1.3185 1.3150 | Resistance 1.3300 1.3350 1.3380
Supports 98.00 97.70 97.40 | Resistance 98.55 99.00 99.40
Supports 1.5325 1.5255 1.5180 | Resistance 1.5365 1.5385 1.5435
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