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The AUD less vulnerable to the US dollar this week.

Written by Sam Coxhead on October 12th, 2012.      0 comments

3:12 PM (NZT) The Australian dollar has seen some periods of solid demand this week after starting the week at its lows. Increased activity reported at Chinese container terminals gave the AUD its initial boost and from there have been periods of scrambling by investors to cover “sold AUD” positions throughout the week. Certainly the stronger than expected Australian employment data provided some demand, and probably means there is little chance of more than 25pts more of easing from the RBA before the end of the year. The US weekly unemployment claims numbers were also surprisingly strong, and pushed to levels not seen since early 2008. This will no doubt lead to more speculation about the data as the November election looms on the near term horizon.  Expect the election and “fiscal cliff” to dominate the focus on the coming weeks. Next week, the RBA monetary policy meeting minutes and the host of US economic data will be closely watched. The heavy price action of last week has evapourated for this pair, and the AUD looks to be less vulnerable in the short term at least.
The current interbank midrate is:                                                            AUDUSD  1.0284                                                                                         
The interbank range so far this week to date has been:                 AUDUSD 1.0145 – 1.0295
Topics: AUD USD