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Is the AUD going to see more pressure from the US dollar?

Written by Sam Coxhead on August 24th, 2012.      0 comments

6:16 PM (NZT) This week has been one of whippy price action for this pair. After starting the week at its lows the AUD saw periods of high demand, but none more so than the somewhat knee jerk reaction following the FED minutes. The news of the paring back of mining investment, and the slowing Chinese manufacturing sector stalled any further AUD demand, and since then the price action has looked quite weak. Heading into next week the Jackson Hole symposium is  the focus. Traditionally the FED like to comment clearly on monetary policy at this central bankers conference.  Given the AUD’s teflon like properties it is too early to call a dramatic move lower, but it does feel like further US dollar outperformance is on cards in the near term.
 
The current interbank midrate is:                                                            AUDUSD  1.0428                                                                                         
 
The interbank range so far this week to date has been:                 AUDUSD 1.0409 – 1.0547
Topics: AUD USD
 

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