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The AUD remains under some pressure from the EURO, but off the lows.

Written by Sam Coxhead on September 28th, 2012.      0 comments

3:41 PM (NZT) This week initially saw the pair in a sideways trend as the risk aversion in the wider market impacted both currencies’ demand. Over the last couple of sessions the AUD has had the upper hand as the concerns in Europe over Spain escalate. Overall the pair remains relatively close to the recent AUD lows following the EURO resurgence after the ECB’s proactive monetary policy. Certainly pro-activity is now required from European politicians to ensure that progress continues to be made towards further financial stability in wider Europe. Next week sees the RBA announcement monetary policy on Tuesday and this will be closely watched, and comes ahead of the ECB’s monetary policy announcement on Thursday. Expect the ECB to remain unchanged whilst the market remains split whether or not the RBA will cut rates. Any positive news from China will certainly boost demand for the AUD, which is suffering following the recent lowering of Asian growth prospects.
The current interbank midrate is:                                               AUEUR  .8090                    EURAUD  1.2360                                                                                     
The interbank range so far this week to date has been:   AUDEUR .8020 – .8109   EURAUD 1.2332 – 1.2468