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The EURO bounces off the lows against the Australian dollar...at last!

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

5.45PM (NZT) The Australian dollar again set record highs against the EURO this week. The AUD appreciation came in the wake of the unchanged cash rate decision from the RBA. Since then the EURO has staged a reasonable fight back of sorts. The optimism around the completion of a Greek debt swap has been added to by the RBA MPS released this afternoon, stating there is further room for cash rate cuts, if needed. So the pairing has finally pushed through the tough previous level of .8120 (1.2320), and this opens the way for further EURO appreciation. However, given the dramatic nature of the Greek debt crisis so far, nothing is certain. Early next week will be crucial for any further EURO resurgence, as the details of the debt cap talks are released. In Australian the employment data on Thursday will be the focus.    
 
The current interbank midrate is:                                                            AUDEUR .8085                             EURAUD 1.2369                                                                                 
 
The interbank range so far this week to date has been:                 AUDEUR .8080 - .8239              EURAUD 1.2173 - 1.2376
 

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