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AUD/USD tested $0.9400 on Friday after a disappointing payrolls print out of the US saw the greenback cool off a bit. Additionally, the fact that other major risk currencies, particularly the euro, continue to be used as a funding currency has really played into the AUD’s relatively high yield. While AUD/USD has pulled back a touch, traders are likely to be looking to buy the dips. Any moves back into the $0.9300 region will probably continue to be as a buying opportunity.
On the calendar this week we have ANZ job ads and China’s trade balance as the key readings to look out for. This has the potential to cause some volatility for the pair. For the rest of the week we have NAB business confidence, home loans, Westpac consumer sentiment and jobs numbers. After that shocking jobs reading for July, investors will be eyeing a bounce in August. There is also a bit of activity in China with new loans, CPI, PPI, industrial production, fixed asset investment and retail sales all on the calendar. All these releases will be a key test for the AUD after having continually outperformed.