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China shuts for Mid-Autumn Festival holiday today, a preview of the week-long National Day gap to come

AUD is the most exposed of the major currencies. It usually trades partly as a proxy for China, and with onshore markets shut it loses that anchor and has to lean more on oil, Treasury yields and the RBA. With Dalian iron ore futures closed, iron ore price discovery shifts to the Singapore contract, which is thinner. Gold also loses one of its biggest sources of Asia-time demand. With the…

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