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Calm trading for the AUDUSD pair.

Written by Sam Coxhead on November 23rd, 2012.      0 comments

2:33PM (NZT) It has been a relatively subdued week for this pair. The AUD got off to a positive start as the sentiment flowed through from the positive US session last Friday. This sentiment proved unsustainable and the wider market risk aversion capped the pair at the highs of the week. The improved Chinese manufacturing data provided impetus to curb the AUD weakness and the remainder of the week has been spend treading water in familiar territory as the long weekend in the US takes its grip on the market. Next week should prove interesting as the European decision on the newest form of the Greek funding assistance plays out. With a back drop of the US fiscal negotiations, the economic data is of lower importance. Preliminary Q3 GDP takes the focus in the US while there is not data of significance in Australia. Appreciation for the AUD looks somewhat laboured over 1.0400 and there has been good support back towards 1.0300. These forces point towards a continuation of the recent rangy trade in the short term.
The current interbank midrate is:                                                   AUDUSD 1.0385 
The interbank range so far this week to date has been:        AUDUSD 1.0333 – 1.0425
Topics: AUD USD