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Great value buying of EURO with AUD once again, it should not last.

Written by Sam Coxhead on December 1st, 2011.      0 comments

5:23 PM (NZT) The AUD has outperformed the EURO from the outset this week. The rumour that the IMF had offered Italy a funding deal started of the rally in risk assets and this progressed as stop-loss buying accelerated the moves. The subsequent IMF denial of any deal offered to Italy was not enough to thwart the AUD demand. Wednesday stellar Australian capital expenditure numbers added fuel to see the AUD reach its initial peak. It then started to soften and it looked like the move had run out of steam, just to see the AUD surge higher as the news of the coordinated central bank funding policy hit the markets. The AUD has lost ground to the EURO in today’s Asian session but we can reassured that the volatile markets will continue through the holiday period as the levels of liquidity fall away. Current levels offer another good opportunity for those looking to transfer AUD into EURO’s.
The current interbank midrate is:                                                            AUDEUR .7590                                          EURAUD 1.3175
The interbank range so far this week to date has been:                 AUDEUR .7341 - .7654                            EURAUD 1.3065 – 1.3622