AUD/USD: The Australian dollar plunged to a 3-week low as the mixed labour report this week fuelled speculation the RBA would have to cut even deeper, with markets pricing in ever larger, and earlier, rate cuts amid a global shift toward renewed central bank stimulus. The Aussie trades 0.2 percent down at 0.6897, having hit a low of 0.6892, it’s lowest since May 24.
Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6871 (May 22 Low), a break below targets 0.6840. On the upside, resistance is located at 0.6959 (May 14 High), a break above could take it near 0.7029 (May 2 High).
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