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The AUD finally stablises against the EURO.

Written by Sam Coxhead on April 5th, 2012.      0 comments

4:05 PM (NZT) The AUD has finally found a level of support against the EURO. The corrective move that has been underway over the last four weeks or so seems to have run its course for now. Much of this will be due to the fact the market now has priced in the imminent cash rate cuts from the RBA. On the European side of the equation, increasing fears about the state of the Spanish debt markets have seen the EURO under periods of pressure this week. These periodic phases of pressure for the European markets will continue occur from time to time. Apart from the ongoing focus on the European debt markets, the Australian employment numbers on Thursday next week will provide the lead. Consolidation around current levels is likely to continue. A consolidated break back through the .7850 (1.2770) level would not be a positive sign for the EURO.
 
The current interbank midrate is:                                               AUEUR  .7807                    EURAUD  1.2809                                                                                     
 
The interbank range so far this week to date has been:   AUDEUR .7754 – .7840   EURAUD 1.2755 – 1.2897
 

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