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Is the EURO going to rally against the AUD?

Written by Sam Coxhead on March 9th, 2012.      0 comments

12:37 PM (NZT) The EUR put some reasonable pressure on the AUD to start the week, before the pair has stablised around current levels. The weaker than expected Australian GDP data, coupled with the downgrade of the Chinese growth expectations for 2012, led the EURO to outperform. The ECB assessment of monetary policy was surprisingly upbeat, given they slight lowered their own growth expectations. The kicker was that they expect inflation to remain above 2% in 2012, all but ruling out any further interest rate cuts. This opens up the way for further EURO appreciation, assuming this Greek debt swap can be completed without too much drama. All eyes await the details on this.  
 
The current interbank midrate is:                                               AUEUR  .8018                    EURAUD  1.2472                                                                                     
 
The interbank range so far this week to date has been:   AUDEUR .7984 – .8141   EURAUD 1.2283 – 1.2525
 

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