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Hardy: Buckle up for a big week ahead in USD, AUD and GBP

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Last Friday saw the US dollar make a comeback after its squeeze.  But Saxo's John Hardy says it's now at a 'neutral' level as the market prepares for this week's data and in particular Friday's nonfarm payrolls.

Expectations are growing that the Reserve Bank of Australia will cut rates when it meets early Tuesday. Hardy says it's important for the Aussie that the RBA does this. He also believes the bank needs to give dovish guidance, which combined with stronger US data, should see a return to the AUD bear market.

It may be a bank holiday in the UK this Monday, but with the general election on Thursday, volatility in Sterling continues. John says expect more in the coming days. But due to structural issues such as the large current account deficit, he expects it to be a Sterling downside story in the longer term.