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The AUDUSD pair sees a narrow range for the week.

Written by Sam Coxhead on August 10th, 2012.      0 comments

2:31 PM (NZT) This pair has again been relatively range bound this week. Both economies have seen reasonable economic data. In Australia yesterdays employment numbers gave the AUD a boost in demand and in the US the weekly jobless claims continued their correction lower overnight. However the  AUD upside momentum has slowed this week, and this has been aided by the EURO again coming under some pressure. Expect further range trading next week with the broader 1.0450/1.0650 range , with most of the focus coming from the US data. Its starts with retail sales numbers on Tuesday, inflation data Wednesday and manufacturing and consumer confidence numbers Friday. Whilst sentiment in Europe has eased the way for the AUD to rise to current level, further smooth sailing is not guaranteed. Buying US dollars with AUD at current levels will likely prove to have been fortuitous over time.
 
The current interbank midrate is:                                                            AUDUSD  1.0558                                                                                         
 
The interbank range so far this week to date has been:                 AUDUSD 1.0526 – 1.0616
 
Topics: AUD USD
 

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