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AUD / USD down 7 pips to 0.7409 today

Credit Agricole CIB Research analyzes the outlook for the AUD and highlights 2 reasons to remain cautious with the currency around current levels.

“The agreement between the US Democrats and Republicans to extend the debt ceiling and avoid a sovereign default has led to a rebound in risk and the AUD and less than the NZD. The AUD has also been helped by a rally in iron ore after of the Golden Week holiday period in China, “notes the CACIB.

We are not entirely convinced by this rally yet. First, the US debt ceiling deal has simply kicked the can down the road. Second,
While our China economist expects electricity rationing to have peaked in September, China will likely hold onto steel production longer than usual during the winter to keep the air clear around Beijing for the Olympics in Beijing. winter ”, adds CACIB.

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