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The AUD manages to stand ground against the USD for now

Written by Sam Coxhead on March 2nd, 2012.      0 comments

4:57 PM(NZT) The Australian dollar remains at elevated levels against the US dollar. The more positive global sentiment continues to underpin demand for the Australian dollar. Whilst the economic data is not particularly strong in Australian currently, the outlook remains reasonable as Asian growth consolidates after a slowdown towards the end of 2011. The US dollar may find itself in demand if the market moves further towards pricing out the likelihood of any further QE from the FED. Higher longer term interest rates are generally supportive of a currency and the US rate has moved higher, with the US dollar currently lagging behind these moves. The highs of 1.0850 this week, remain the short term resistance, and further upside consolidation from current levels will remain harder fought. Next week is a big one for economic information. Aside from what will most likely be an unchanged cash rate from the RBA on Tuesday, there is plenty of other focus. GDP and employment numbers will add colour to the Australian picture, while the employment numbers on Friday in the US will be of primary focus.
The current interbank midrate is:                                                            AUDUSD  1.0800                                                                                        
The interbank range so far this week to date has been:                 AUDUSD 1.0646 – 1.0856