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The Australian dollar again shows its teflon coating against the US dollar.

Written by Sam Coxhead on July 27th, 2012.      0 comments

4:25 PM (NZT) The Australian dollar was under sustained pressure early in the week as the wider market suffered from increased risk aversion. The at expectation inflation number tempered the AUD selling to an extent in the sessions following its release. The big move was made following the strong comments from ECB head Mario Draghi yesterday. This has seen a surge in risk appetite and the AUD has again been a serious beneficiary. With good resistance at 1.0450 in place, further appreciation should be harder fought. But a lot of the direction will come from the fortune of the EURO, if there is further STOP LOSS buying of EURO, the AUD could break further to the topside. Later on today the advanced US GDP numbers will be released and these are the US focus for the week. Next week the FED monetary policy decision Wednesday, and employment numbers Friday will be closely watched. In Australia, building approvals, retail sales and the trade balance will be watched but are unlikely to provide a dynamic lead.
 
The current interbank midrate is:                                                            AUDUSD  1.0413                                                                                         
 
The interbank range so far this week to date has been:                 AUDUSD 1.0173 – 1.0425
 
Topics: AUD USD FED RBA
 

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