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The AUD USD is at the lower end of the recent range

Written by Sam Coxhead on March 9th, 2012.      0 comments

12.35 PM (NZT) The Australian dollar and USD remain at very familiar levels, albeit towards the lower end of the recent trading range. The AUD was under intense pressure to start the week as global risk aversion, coupled with weak local GDP numbers, and a downgraded Chinese growth expectations. The RBA statement and employment numbers gave little reason to weaken the AUD, so with the bounce in global stock markets, and progress on the Greek debt swap numbers, the AUD has taken back some of its lost ground. Helping its cause could be the rumour that Chinese authorities will again stimulate the lending market in China, by lowering bank reserve ratios. A sustained break of the 1.0500 support is needed to open up the way for another leg lower from the AUD, albeit unlikely to come before the end of the week.
 
The current interbank midrate is:                                                            AUDUSD  1.0645                                                                                        
 
The interbank range so far this week to date has been:                 AUDUSD 1.0506 – 1.0747
 

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