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Good levels to buy EURO's with Australian dollars?

Written by Sam Coxhead on October 26th, 2012.      0 comments

4:50 PM (NZT) The Australian dollar has made some considerable ground against the EURO this week. The bulk of the move has come on the back of the higher than expected inflation number in Australia. Also helping sentiment has been the stablisation of the Chinese manufacturing numbers. The pair has seen the move take it right back up close to the pivotal .8020 (1.2470) level and it will be interesting to see the direction over the next couple of sessions. The falling equity markets have curbed the AUD demand for the time being, and this will be continue to be pivotal in the short term. Hanging over the EURO remains the Spanish situation and until such time as Spain formally approach for funding assistance, the market will continue in a state of flux. A further break higher by the AUD to consolidate through .8020 (1.2470) seems unlikely in the short term and current levels offer reasonably good value buying of EURO.
The current interbank midrate is:                                                  AUDEUR .7974                EURAUD 1.2541
The interbank range so far this week to date has been:       AUDEUR .7887 -.8007              EURAUD 1.2489 – 1.2679
Topics: AUD EURO