Large speculators increased their gross-long exposure to AUD/USD futures by 17.1% and trimmed shorts by -2.9% on the day of the RBA’s last hike. And this could be a significant development when you consider net-short exposure recently hit a record level of bearishness just six weeks ago, yet prices defied bears with a sustainable break beneath 63c. With an RBA member making hawkish noises today, I am now wondering if the star are aligning for a bit of a bounce on AUD/USD. Of course, firmer data from China will likely be required, alongside a hotter-than-like wage price index report on Wednesday. Overall, weekly ... (full story)