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Forex: RBA will need to cut rates further - NAB

RBA minutes have been released 3 hours ago, and AUD/USD has been capped below fresh weekly highs at 1.0331, previous Thursday's lows price zone, last at 1.0320. According to NAB: “The RBA notes the persistently high AUD and our analysis suggests that more rate cuts will be required, as well as a pull-back in the AUD, to see growth move back to trend in 2014,” the analysts say, expecting still “three rate cuts ahead.”

“In our view, these Minutes display a degree of anxiety at the RBA,” they expand, “with the rise in the iron ore price not triggering any more investment and no real sign of non-mining investment being rekindled to date,” NAB concludes.

Forex: AUD/NZD above 1.2250 on Kiwi weakness

AUD/NZD has recently spiked to the upside on Kiwi weakness hitting fresh 4-day highs at 1.2280, up from session lows at 1.2170, last at 1.2254, as wires reported “some NZ milk powder destroyed” in Beijing by Chinese authorities. “NZD has been best performing currency lately - so might be vulnerable for selloff,” said Forex analyst John Noonan in his twitter account referring to the news. Kiwi is now along CAD the worst performing currency among majors since last Thursday.
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Forex Flash: AUD/NZD ready for a tactical rally towards 1.2470 - ANZ

“News today that China destroyed NZ milk cargoes, although not unexpected nor unprecedented, will provide a psychological base in AUD/NZD and coalesce with fundamental factors to see the cross higher in coming weeks,” David Croy & Andrew Salter at ANZ Research said today in a note to clients, while AUD/NZD printed fresh 3-day highs at 1.2280.
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