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Market Update: Australian Dollar Steady Above 7-Week Lows
The Australian Dollar added 0.00039 points or 0.05% to 0.76898 against the US Dollar on Wednesday, holding above 7-week lows amid quiet trading ahead of a US Federal Reserve meeting that may give clues on what lies ahead with its massive support for markets. Locally, June minutes from the RBA earlier this week showed that policymakers believe the economy is expanding more rapidly than previously anticipated, while sticking to its prediction that interest rates will remain at record lows until 2024. Local 10-year bond yields were at 1.497% while US 10-year rates were at 1.499%. Among local data, the Westpac-Melbourne Institute Leading Economic Index in Australia edged down 0.06% mom in May, pointing to the first decline in 4 months, while the house price index rose by 5.4% qoq in the three months to March, the steepest pace of increase since the fourth quarter of 2009. [/s2If]
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