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Australian dollar update - stalled at the highs

Written by Simon Norrie on August 17th, 2012.      0 comments

Friday 17 August 5:08 PM NZT. There has been very low volumes across all currency crosses, and a real lack of volatility compared to recent weeks. The market is looking for future direction and because this week has had little in economic data locally, any small ebbs and flows have been based on offshore news primarily, and even that, has been reasonably sparse. As a result in the last five trading days, this pair has literally gone nowhere. Whilst fundamentally the economic news out of the US has been a little better, the demand from “carry trade” investors (a carry trade, is when you buy a currency, because you get a good interest rate yield by holding it), provided for by the RBA’S 3.5% cash rate, has stopped ether pair from gaining ground on the other. Next week this arm wrestle continues, with only the RBA Governors speech and the US unemployment claims on Friday for economic direction. Interestingly, the 1.0600 level still appears a  psychological barrier, so for sellers of AUD, this may be a good level to target.
Topics: AUD