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Big focus on Europe for the AUD EUR pair.

Written by Sam Coxhead on November 4th, 2011.      0 comments

3:25 PM (NZT) This pair remains within a somewhat familiar range, albeit whilst seeing relative intra-day volatility. At current levels is it similar to levels where it started the week. It could be argued that the EURO should be lower given the uncertainty within the membership of the European Monetary Union(EMU) this week. A decent explanation as to why the EUR has not suffered more, is that there are reports of large repatriation of offshore capital by European banks looking to boost their balance sheets as they face the write down on , or default of, their Greek sovereign debt holdings. With both central banks easing interest rates this week, it will be interesting to see how this pair plays out over the coming weeks. The downward revisions of growth forecast around the world will be doing nothing for the prospects of the AUD over the medium term. Expect the volatility to continue into the end of 2011, so patience should pay of for those with time on their hands when looking to make money transfers between Australian dollars and EUROs.
The current interbank midrate is:         AUDEUR .7534               EURAUD 1.3273
The interbank range so far this week to date has been:          AUDEUR .7463 - .7622          EURAUD 1.3119 – 1.3399