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Citibank analysts note that a major Australian bank has called for a RBA rate cuts this year supported by a roller coaster ride in AUD and news that Australian coal imports at China’s Dalian port are blocked indefinitely, but subsequently denied by China’s Foreign Ministry and Australian Trade Minister.

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“Meanwhile, Australian January employment accelerates (39.1k vs market’s 15k) with job gains driven by full-time jobs (+65.4k). Citi analysts do not see a case for any move in RBA rates over next few years.”