EUR/AUD has been a downside play, with the European data in manufacturing in Germany and EZ a disappointment but the main catalyst was unwinding of dollar longs acros sthe board with commodities starting to recover. The Aussie has been climbing back up and recovering, albeit only modestly and struggles on the 0.85 handle. The cross has been contained to the descending resistance line on attempts to the upside, meeting strong supply wit the bears full in control taking it towards R1 while it rides the hourly 20DMA currently.
The risk events today come in the form of the building permits data and the RBA that is however expected to leave the official cash rate unchanged at 2.5%. The accompanying statement will be tuned into while looking ahead for the Eurozone, the ECB is the main risk event this month and week for the single currency and the verbiage and rhetoric will be indicating what the next moves will be, most likely not coming until the beginning for the new year or further in.
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