FXStreet (Delhi) - Sean Callow, Research Analyst at Westpac, suggests that the AUD/USD pair is trading on the side-lines while the NZD/USD is outperforming in today’s session.
Key Quotes
“AUD/USD was mostly on the sidelines, ambling in a tight 0.6990 to 0.7035 range. A 3% bounce in spot iron ore to $56.98/tonne was an unexpected bonus. Friday’s CFTC data showed leveraged funds increased their AUD net shorts from -28k contracts to -37k in the week to 22 Sep, so not an extreme position but symptomatic of the poor post-FOMC mood.”
“NZD/USD outperformed, grinding higher from 0.6310/20 lows early London to 0.6380. NZD gains pressured the AUD/NZD cross down to two-week lows, the cross falling a big figure to 1.1000.”
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