AUD/USD dipped towards 0.6810, before sentiment stabilized somewhat. We aren't much higher though at 0.6815/20 currently. AUD/JPY remains the key short term driver. We aren't too far away the days lows, currently tracking at 92.50, as the market contemplates potential shifts in Japan policy settings following the shooting of ex-PM Abe in Japan.
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Spain, Belgium, the Netherlands, the ESM, France, Greece and Italy are due to sell bills this week, with total issuance from first round operations estimated at E22.9bln up from E14.7bln last week.
EURGBP reversed course Tuesday and is trading at this week’s lows. The pullback is, for now, considered corrective. The recovery from the May 17 low of 0.8393 highlights a bullish theme and attention is on 0.8619, May 12 high and the next key hurdle for bulls. Clearance of this level would resume the uptrend that started Mar 7. Key short-term support is unchanged at 0.8393, May 17 low. A break would alter the picture.