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The Aussie dollar could weaken further to the 0.6730 vs. its American counterpart in the near-term, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “Our expectation for AUD to ‘weaken further to 0.6770’ last Friday did not materialize as it rebounded after touching 0.6800. While downward momentum has eased somewhat, the risk remains titled to the downside even though any weakness is viewed as part of a broad 0.6780/0.6880 range (a sustained decline below 0.6780 is not expected).”

Next 1-3 weeks: “There is no change to our view from last Friday (12 Jun, spot at 0.6830). As highlighted, the current movement in AUD is viewed as a corrective pullback that has scope to extend to 0.6730, even as low as 0.6680. On the upside, only a move above 0.6950 would indicate the current pullback has stabilized. As the anticipated weakness in AUD is viewed as a ‘correction’, any decline could be punctuated by bouts of short-term recovery and the pace of decline is likely to be relatively slow.”

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