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Australian banks could give leeway for RBA to cut further - Westpac

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Bali) - Australian banks raising rates could give leeway for RBA to cut rates further, notes Westpac, following the move by CBA to raise SVR on home loans by 15 bps.

    Key Quotes

    "A rather swift reaction to CBA raising mortgage rates 15bp seeing the aud plummet from 0.7231 to 0.7184 as local banks raising rates could give leeway for RBA to cut rates further."

    "Bids in aud seen sub 0.7180 and note all the tech lvsl 0.7177 (55dma), 0.7162 (21dma) and 0.7160 the 50% fibo of the 0.6935-0.7382. Mkt still looking to sell any rallies with offers 0.7230-50 expected to cap."

    "Note a US bank name suggesting aud to trade to 0.6000 drawing on parallels with 1998."

    "In M+A news Santos rejected an aud 7.1bln takeover offer from an investment group of Asian and Middle Eastern Royal Wealth offices going by the name of Scepte."
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