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Mixed trade for the AUD against the US dollar.

Written by Sam Coxhead on August 3rd, 2012.      0 comments

4:47 PM (NZT) The price action for this pair can best be described as choppy, within a contained range. The pair continues to trend sideways as the opposing forces of a slowing global economy, and further central bank stimulation, continue to fight it out. The reallocation of resources away from the EURO continues to provide AUD demand, so this is also a contributing factor.  Next week will prove interesting with the RBA monetary policy statement and employment numbers. It’s a relatively quiet week in the US, so the bulk of the lead will come from the news in Australia. Medium term direction still seems clouded, but it is not hard to feel the vulnerability of the AUD from current levels when taking a fundamental view on global growth.
 
The current interbank midrate is:                                                            AUDUSD  1.0485                                                                                         
 
The interbank range so far this week to date has been:                 AUDUSD 1.0446 – 1.0536
 

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