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Central bank demand pushes the AUD higher against the US dollar.

Written by Sam Coxhead on July 20th, 2012.      0 comments

4:37PM (NZT) The AUD has been in high demand from central bank this week. The portfolio diversification demand flows were aided by the RBA monetary policy meeting minutes after their release. The market was looking for more from the RBA with regards to action, so the ensuing exiting of “sold” AUD trades provided further demand. From a  fundamental point of view the AUD appreciation looks overbought, but the current momentum is undeniable. 1.0450 presents the next hurdle for further AUD appreciation. The key focuses next week will be Australian inflation numbers on Wednesday and advanced US GDP numbers on Friday. A good does on European based pessimism will be need to halt this AUD momentum and current levels offer good value buying of USD.
 
The current interbank midrate is:                                                            AUDUSD  1.0411                                                                                        
 
The interbank range so far this week to date has been:                 AUDUSD 1.0197 – 1.0448
 

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