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The EU summit recovers the AUD against the US dollar.

Written by Sam Coxhead on June 29th, 2012.      0 comments

5:30 PM (NZT) The impact on this currency pair:
In the lead up to the EU summit the AUD saw grinding appreciation over the US dollar. That was until the offshore session overnight when the banking sector led global equities lower and investors fled the growth assets. This saw the AUD give up almost all of the weeks previous gains. Of most impact have been the just released measures coming from the EU summit. The decoupling of the bank and Government debt is encouraging, but the lower hurdle to accessing bailout funds seems to be a short term fix. Whatever the eventuality the market  has aggressively sold the US dollar lower and the AUD has pushed to the hit highs for the week. Whether or not these gains can be consolidated remains to be seen, much of the demand could be driven by investors exiting sold AUD positions. Expect the volatility to continue in the short term as further details emerge.
The current interbank midrate is:                                                            AUDUSD  1.0140                                                                                         
The interbank range so far this week to date has been:                 AUDUSD .9980 – 1.0172