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Can the EURO hold onto gains against the Australian dollar?

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

4:49 PM (NZT) The EURO has seen strong gains against the AUD throughout most of this week. The worsening outlook for Australia’s raw commodity hungry trading partners in Asia has driven the change in sentiment towards the AUD for the most part. It was not until lower than expected manufacturing numbers in Europe overnight did the AUD get any kind of respite. From here the direction will continue to come from the wider market appetite for risk in the absence of meaningful economic data in either economy next week. The EU summit next week will be closely followed for headlines or comments with regards to the size of the European support fund. Also watch for any loosening of lending conditions by Chinese authorities in reaction to their slowing economy, as this would likely provide AUD demand in the short term. The .7920 level (EURAUD 1.2620), is crucial to watch in the short term. A break back through this level would make it harder for continued EURO appreciation back towards more historically average levels.  
The current interbank midrate is:                                               AUEUR  .7879                    EURAUD  1.2691                                                                                     
The interbank range so far this week to date has been:   AUDEUR .7844 - .8050   EURAUD 1.2422 - 1.2749