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The AUD has a solid week against the in demand US dollar.

Written by Sam Coxhead on November 9th, 2012.      0 comments

3:00 PM (NZT) It has been a strong performance this week from the Australian dollar. The strength was boosted by the RBA’s decision not to ease the cash rate to 3.00% at this week’s meeting. The subsequent AUD demand was strong at times and placed the AUD well to absorb pressure from the US dollar following the Obama election win in the US. Demand for the US dollar looks to remain in place as we head into the end of the year and the new administration moves to deal with the pending fiscal situation come January 1 2014. Next week is all about the US in the absence of material Australian data. The US data will  be of almost secondary importance to the markets digestion of moves to get the fiscal negotiations underway. Expect increased volatility in the coming weeks as this enormous situation unfolds. It would be fair to assume that the increased uncertainly will lead to risk aversion and this will temper material appreciation for the AUD in the short term.
 
The current interbank midrate is:                                                  AUDUSD 1.0401 
                                                                                         
The interbank range so far this week to date has been:        AUDUSD 1.0327 – 1.0480
 

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