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Forces build for the AUD against the US dollar.

Written by Sam Coxhead on July 6th, 2012.      0 comments

4:48 PM (NZT) This pairing has seen slight appreciation from the AUD this week. The drivers for the AUD demand are mixed. The RBA comments following their unchanged monetary policy decision point towards a wait and see approach towards further easing. This counters the 75pts of further easing that was built into the interest rate market. Also boosting AUD demand will be the further stimulation offered by central banks this week. Countering any real exuberance is the fact that the global growth forecasts are once again being pared back, and this is AUD negative. Expect further sideways trade from the pairing in the short term. The US employment numbers later on today are important and will be closely followed. The economic numbers have softened in the US in the 2nd quarter, setting up the remainder of 2012 to be particularly interesting. Current level may well prove to have offered good value buying of USD with AUD over the coming months.
The current interbank midrate is:                                                            AUDUSD  1.0257                                                                                         
The interbank range so far this week to date has been:                 AUDUSD 1.0208 – 1.0329