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Surprising string of events boosts demand for the AUD over the US dollar.

Written by Sam Coxhead on September 14th, 2012.      0 comments

3:22 PM (NZT) The moons were certainly inline for the Australian dollar this week, as amazing run of events pushed it higher against a beleaguered US dollar. Direction from current levels is far less clear cut with resistance around the 1.0600 representing the next significant hurdle for higher appreciation. After such a steep climb, a correction of sorts must be forth coming at some stage soon. Much of the appreciation has been driven by external factors, with the FED QE3 programs providing a latest significant boost overnight. This weekend’s EU leaders meeting will be closely watched, as developments in Europe are at a pivotal point. Tuesday’s RBA monetary policy meeting minutes represent the Australian domestic focus for the week, and Chinese manufacturing numbers on Thursday will be of indirect impact. In the US it is a relatively quiet week coming up, with housing numbers and the Philadelphia FED manufacturing index of note. For those looking to buy US dollars , the current levels offer a very good starting point at the very least.
The current interbank midrate is:                                                            AUDUSD  1.0571                                                                                         
The interbank range so far this week to date has been:                 AUDUSD 1.0318 – 1.0583
Topics: AUD USD