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The AUD breaks down through parity against the US dollar ,will it staythis low?

Written by Sam Coxhead on November 18th, 2011.      0 comments

4:05 PM (NZT) The positive sentiment as the market approached last weekend was short lived. The news that Italy had passed its austerity budget for 2012 was well received , but quickly the focus returned to the ballooning nature of the funding costs across the Euro-zone. The consequence of this is the AUD has continued to see pressure from the US dollar. The longer this escalating debt issues takes to play out the lower the global growth prospects are, and hence the lower AUD. Adding to the heat for this pair is the relative safe heaven nature of the US dollar. The investigations below parity remain of interest. Sharp relief rallies remain a possibility, albeit the momentum is certainly to the downside. For larger transfers, the staggering of the total amount is advisable in the current market, leading towards a more average dollar cost.
 
The current interbank midrate is:                                                            AUDUSD 1.0003 
                                                                                          
The interbank range so far this week to date has been:                 AUDUSD .9970 – 1.0350
 

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