The Aussie dollar's ability to bounce despite yesterday's risk-off move is encouraging for bulls. Market positioning could be supportive, with IMM data showing largest net AUD/USD short since early February 2016. With commodities rising and a gentile pace of rate hikes from the FED (priced in) Aud may continue to benefit vs. NZD which has seen some fairly cautious commentary from the RBNZ recently.
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