From IGM News Feed
The [AUSSIE] did not really like the NFPs numbers. Aud/Usd fell to a new 1.0637 low after, but has quickly put in a fair recovery. The Aussie is still vulnerable to the occasional broader market risk off led selloff, but we think there are just too many positives for the Aud and Australia generally for it to prove anything other than a temporary situation. Relatively positive yield differentials and strong economy, a more manageable budget situation as well as Australia retaining its position as foreign investment area of choice suggests further strength ahead. For now, we would look for buy dip opportunities, from 1.0590/00 and the 200-hour mov ave and then at intermittent levels down to 1.0500. 14:39 GMT - [ECRI US LEAD GROWTH INDEX] Its leading US growth index fell further from 122.7 to 122.5 per Aug 26th. That left smoothed annualized growth rate (4-wk avg) contracting at 4.3% clip from -2.1% in prior week. This is lowest reading since last Nov. The net trend suggests economy at stall speed, with rising risk of another recession. The growth index hit a low of -11% last July when a soft patch emerged before Fed restarted QE.
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