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The Australian dollar sees further pressure from the USD.

Written by Sam Coxhead on August 31st, 2012.      0 comments

1:40 PM (NZT) The Australian dollar has been under pressure from the US dollar this week, and the pressure accelerated late Thursday. The 1.0300 level offered some good support, but the buying interest at the level was enough to hold the sellers overnight. Further to last week’s move, the sentiment in the mining sector remains downbeat. The one day 6.7% drop in the iron-ore markets are indicative of the nature on things at present.  made ground against the US dollar, the AUD. The immediate focus comes from the Bernanke speech in Jackson Hole, and the weekends release of the Chinese manufacturing numbers. The air of vulnerability remains for the AUD. The prospect of a cut to the cash rate in the coming months should help undermine the AUD demand in the short term.  Next week’s RBA monetary policy decision, is coupled with GDP, employment and retail sales numbers to make up what should be a very interesting week for this pairing.
 
The current interbank midrate is:                                                            AUDUSD  1.0293                                                                                         
 
The interbank range so far this week to date has been:                 AUDUSD 1.0272 – 1.0479
Topics: AUD USD
 

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