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Optimisim keeps the AUD on the front foot against the US dollar

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

5:40 PM (NZT) The Australian dollar has continued its run higher against the beleaguered US dollar this week. But interestingly, it may have found a top in the short term around 1.0750 for the pair. Next week’s RBA monetary policy meeting on Tuesday looms large (along with the quarterly Monetary Policy Statement on Thursday). In the US, the employment numbers later on today will be the key for progress from here over the next week. After such soft run, we may see profit taking push the US dollar a little higher ahead of that announcement. Much has been made of the continued lip service the FED are paying to a softer economy, and the possibility of further QE. I would imagine the hurdle would be reasonably high for further QE, and not currently justified. In the short term progress higher from the AUD from here will be much harder fought.  
 
The current interbank midrate is:                                                            AUDUSD  1.0694                                                                                         
 
The interbank range so far this week to date has been:                 AUDUSD 1.0521 – 1.0756
 

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