AUD/USD losses are starting to mount with the pair making a fresh intraday low at 0.9735 a few minutes ago. Pressure is coming from a sinking AUD/NZD with the market coming to the realisation that there is only a one in five chance of a rate hike next Tuesday on Melbourne Cup day. AUD/NZD is on its lows at 1.2910 after closing in NY around 1.30 even. Stops were tripped below 1.2950 with the technical outlook decidedly bearish.
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