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In its weekly forex strategy note, analysts at Australia and New Zealand Banking Group (ANZ), offer a downbeat view on the AUD/USD pair in the coming weeks.

Key Quotes:

“The AUD lacks a catalyst for a sustained move higher.  

The domestic data flow is uninspiring from an RBA rate hike perspective, even more so after the disappointing Q2 CPI.  

The global environment will continue to dominate moves.  

With a number of positive events, like China’s stimulus failing to boost the AUD materially, the environment is increasingly challenging.  

Risks around the housing market are also weighing on the Aussie.”