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RBA underpins demand for AUD against the EURO.

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

3:28PM (NZT) This week has seen some periods of strong demand for the AUD over the EURO. The move has been underpinned by the RBA decision to leave the cash rate unchanged at 3.25%. Tempering further advances by the AUD was the positive news that the Greek parliament had been able to push through necessary austerity legislation. There is little news due from Australia next week, so expect the European inflation and GDP numbers to provide some direction. It the US fiscal situation increases global concerns, the AUD may see pressure from that as a result. Current levels look to offer reasonably good value buying of EURO with AUD.
 
The current interbank midrate is:                                                  AUDEUR .8156                             EURAUD 1.2261 
                                                                                         
The interbank range so far this week to date has been:       AUDEUR .8054 - .8197              EURAUD 1.2200 – 1.2416
 

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