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AUD/USD Drifts Below 0.71 After Resistance from 0.72

The Australian dollar has tumbled below US71c in offshore trade as a broad commodities sell-off afflicted the local currency. At 7am (AEST), the unit is trading at US70.91c, down sharply from US71.52c yesterday. The currency dipped as low as US70.56c, before gaining ground near the end of the US session as stocks pared losses. The …

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Australia’s Challenge to Have “Soft Landing” from Housing Boom

Australia’s housing boom has peaked, with the challenge now to pull off a ‘soft landing’, investment bank Morgan Stanley says as it predicts further interest rates cuts and a mini-budget stimulus. While official interest rates remain at a record low two per cent, tightened lending standards are prompting a cooling-off period amid slower net migration, …

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IMF: Australia Hit Hardest by Slowing China Investment

Australia will be the worst-hit advanced economy from slowing Chinese investment growth, according to International Monetary Fund research. Only Iran, Kazakhstan, Saudi Arabia, Zambia and Chile would suffer a bigger effects on their economies. An indicative interpretation of the IMF’s modelling based on Treasury budget numbers also suggests it expects Australia’s annual growth growth rate …

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Fed Decision Highlights How Bearish the Market is with A$

> AUD/USD Despite some relief in the last week which has seen the Australian dollar rally back to above 72 US cents, sellers have taken this opportunity to sell at a three week high for the A$ and provided some resistance. Not too surprisingly the Federal Reserve left rates untouched at their FOMC meeting citing …

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