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AUD/USD seesaws inside a 20-pips trading range after recalling the bears. Fears over NSW infections supersede optimism over Victoria’s unlock. China stocks, virus woes elsewhere and mixed US data add to bearish momentum.
No change in rate policy or bond purchases expected. US economy appears to be slowing under labor, supply chain shortages. Treasury curve has flattened, inflation has jumped since the June 16 FOMC. Dollar has gained against most majors since mid-June.