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AUD momentum wanes against the US dollar

Written by Sam Coxhead on October 20th, 2011.      0 comments

2:05 PM (NZT) The AUD rebound against the US dollar stalled this week, as resistance at 1.0375 has proven tough to crack. The positive market sentiment surrounding this weekend’s EU summit on the European debt issue, has understandably waned as the week has progressed. The less positive sentiment is well illustrated by lower demand for Australian dollars. The RBA monetary policy meeting minutes were of limited impact, and the US data continues to beat expectations, although still coming off a very low base. Lower than expected GDP numbers from China did immediately send the AUD lower to a small degree, but these numbers will have a greater affect to sentiment over time, if they continue to disappoint. Tomorrows US Philadelphia Fed Manufacturing Index remains the key for the rest of the week, and will provide the lead, along with progress in Europe.
 
The current interbank midrate is:          1.0250
                                                               
The interbank range so far this week to date has been:                 1.0114 - 1.0371
 

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