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Aussie Drops on PPI Reading - 23.7.2012
The next policy meeting is on August 7. According to market participants, the probability of further target rate cut to 3.25%, derived from swaps trading, exceeds 80%. CPI data reading on Wednesday may shed more light on possible central bank’s action. The aussie may remain under pressure versus the greenback this week on signs of weakening inflation. The pair fell today to 1.0277 from last week's high of 1.0443.