FX Markets

Overweight Aussie slows against US$

MARKET NEWS

The Australian dollar experienced a much-needed correction last week, says Adam Myers, quantitative FX strategist at Westpac Bank in London

The Aussie opened last week around $0.5715, as the long holiday weekend kept volumes low. But with market participants heavily long Australian dollars in expectation of further US dollar pressure, it took little speculative profit-taking pressure to surprise traders -- reigniting the previous week’s down-trend. The poor performance continued despite US

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