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The AUD moves higher against the EURO.

Written by Sam Coxhead on June 7th, 2012.      0 comments

3:53 PM (NZT) The Australian dollar has seen a solid appreciation against the EURO this week. The appreciation has been driven by the stronger than expected domestic GDP and employment numbers, and an apparently restrained RBA decision to cut 25ts off the cash rate on Tuesday. In the international arena the growth assets have been boosted by escalating central bank chatter about increased monetary policy stimulation to help the important softening large economies. The next couple of weeks will continue to see high levels of interest in the European situation. Greek elections and the bank re-capitalisation plans are both critical to the wider market sentiment. Ironically if either, or both go badly, the AUD will likely suffer more so than the EURO. If further AUD appreciation is seen, we enter levels that offer good value buying of EURO with AUD once again.
 
The current interbank midrate is:                                               AUEUR  .7920                    EURAUD  1.2626                                                                                     
 
The interbank range so far this week to date has been:   AUDEUR .7761 – .7923   EURAUD 1.2621 – 1.2885
 

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