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The AUD sees further downside against the US dollar.

Written by Sam Coxhead on April 5th, 2012.      0 comments

3:56 PM (NZT) The AUD has seen concerted pressure from the US dollar this week. It has been a double pronged attach of a weaker AUD and a broadly stronger US dollar. The RBA flagging of a lower cash rate at their meeting should undermine any decent AUD demand in the coming months. The FED monetary policy meeting minutes pointing towards lower chances of further QE was always going to underpin demand for the US dollar. Next week sees two important pieces of data released. In Australia the employment numbers will be closely watched on Thursday, as will the inflation numbers in the US on Friday. At some stage the pair will find some level of decent support, and this will likely coincide with some favourable economic indicators from China.
 
The current interbank midrate is:                                                            AUDUSD  1.0272                                                                                         
 
The interbank range so far this week to date has been:                 AUDUSD 1.0239 – 1.0465
 
 

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