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Has the AUD gone up against the EURO?

Written by Sam Coxhead on December 16th, 2011.      0 comments

4.33PM (NZT) This pair has had an unusual week in that it the pair has seen movement, but is currently close to the levels at which it started. In the absence of top tier Australian data the lead has mostly come from the wider market appetite for risk. After initially losing ground the EUR made it back as the AUD came under pressure in the offshore session on Wednesday following a large sell of in the commodity markets. Following reasonable Chinese manufacturing data yesterday pushed the AUD higher, the debt auction for Spain overnight was well received and this meant the demand for EUR picked up erased the late yesterday AUD gains. Next week the focus will mostly remain in Europe, and on the European debt markets. But in Australia the release of the RBA monetary policy meeting minutes will be watched. With further easing on the cards early in 2012, the RBA will remain center stage.
The current interbank midrate is:                                                            AUDEUR .7625                                          EURAUD 1.3115
The interbank range so far this week to date has been:                 AUDEUR .7594 - .7710                           EURAUD 1.2970 – 1.3168