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We were swindled by the market last Thursday and Friday.

Data out from Australia was weak; employment weaker, unemployment higher.

PM Gillard commented that there was room for RBA to lower rates.

All these is suppose to put pressure on the AUD, but it didn’t, instead it powered all the way up to 1.0582.  We believe it’s because the direct AUDCNY started on Thursday and we were just fighting the flows.

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