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Can the AUD bounce against the US dollar?

Written by Sam Coxhead on May 18th, 2012.      0 comments

4:32 PM (NZT) The US dollar demand has increased further this week as the global growth concerns have increased. The European crisis is providing the main drag on the growth expectations, and the uncertainty in Europe is unlikely to abate in the short term. The Australian economy was of limited impact this week, and this will continue to be a theme next week in the absence of material economic data. Should European concerns continue to escalate the prospect of the FED being forced into further quantitative easing will again rise and this would be AUD supportive over time. In the short term the momentum continues to be against the AUD, albeit further appreciation for the US dollar will likely prove to be harder fought. There has been a lack of any material bounce from the AUD in the recent move lower, and this remains a potential eventuality given that markets rarely move in one direction for a concerted period of time.
The current interbank midrate is:                                                            AUDUSD  .9893                                                                                         
The interbank range so far this week to date has been:                 AUDUSD .9866 – 1.0043
Topics: AUD, USD