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Minutes from the October 29 meeting showed Fed members were not hugely concerned about the impact of the global slowdown. In fact, the Fed left out reference to overseas developments as it would have suggested greater concern. There was some debate around the considerable time reference but only some wanted it removed. The only real concern is inflation but if the economy continues to generate jobs then it seems the majority of Fed members are happy to march towards tightening. Other data showed building approvals were up, while housing starts were relatively in line with estimates. All up, the minutes and data put risk on the back foot.
November lows likely to be retested
AUD/USD momentum is firmly to the downside at the moment and it was inevitable given key commodities like iron ore are in a downward spiral. The pair looks like it is headed back to November 7 lows at $0.8540 and will be firmly in focus today with the HSBC manufacturing PMI print due out. The reading is due out at 12.45 pm and the market is expecting it at 50.2. A dip into contractionary territory could see AUD/USD extend its losses.