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The EURO continues its bounce against the AUD.

Written by Sam Coxhead on March 30th, 2012.      0 comments

5:00 PM (NZT) The recent outperformance of the EURO over the Australian dollar has continued this week. Even with a little uncertainly in some European debt markets, the pressure on the AUD has remains. The lowering Asian growth profile has put the pressure on the RBA to cut the cash rate at next week’s meeting or the one after in June. The EURO outperformance is a reversal of the sharp appreciation the AUD saw in the three months from late November last year. We are now not too far from levels where this rapid underperformance of the AUD should slow down at least. The .7700 (1.2990) level will offer some support for the AUD, should an attempt be made to push through there in the coming week.
 
The current interbank midrate is:                                               AUEUR  1.2840                    EURAUD  .7788                                                                                     
 
The interbank range so far this week to date has been:   AUDEUR .7766 – .7919   EURAUD 1.2627 – 1.2877
 

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