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Strong employment numbers push the AUD higher.

Written by Sam Coxhead on June 7th, 2012.      0 comments

3:39 PM (NZT) The Australian dollar has swiftly taken back some of its recently lost ground to the US dollar this week. The strength has been drift by both domestic and external factors. Domestically the RBA cut the cash  rate by 25ts, against market pricing of around 40pts. Then came the strong GDP and employment numbers and the energy behind the move is easily explained. Add to this the increased central bank rhetoric pointing towards further stimulation and the AUD has naturally been in demand. Whether or not this move can be sustained is the big question. A solid path forward on the Euro-zone bank recapitalization plan and a pro-Euro result in Greece would be needed to maintain the wider market enthusiasm. 1.0020 present the next target should further upside be seen.
 
The current interbank midrate is:                                                            AUDUSD  .9959                                                                                         
 
The interbank range so far this week to date has been:                 AUDUSD .9625 – .9967
Topics: AUD, Australian employment, USD
 

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