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The AUD finds resistance against the EURO.

Written by Sam COxhead on October 19th, 2012.      0 comments

5:08 PM (NZT)
It has been a mixed week for this pair so far this week. Both currencies have seen periods of reasonable demand as the wider market risk appetite has improved for a number of factors. The EURO should continue to see demand , as long as the positive sentiment towards the Spanish and Italian debt markets continues. For this to happen it is likely that Spain would have to approach for funding assistance in the near future. The recent solid AUD demand sees the pair approach solid AUD resistance at the .7950 (1.280) level. Further appreciation from current levels will require some solid demand for AUD. Next week sees the Australian inflation data come ahead of the latest European manufacturing numbers on Wednesday, and these provide the data focus for the week. 
 
The current interbank midrate is:           AUDEUR .7982                 EURAUD 1.2528
                                                           
The interbank range so far this week to date has been:    AUDEUR .7850 - .7940    
EURAUD 1.2594 - 1.2738
 

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