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The EURO finally bounces back against the AUD.

Written by Sam Coxhead on February 24th, 2012.      0 comments

4:35 PM (NZT) The EURO finally managed to take back some of its lost ground against the Australian dollar this week. From the start there was demand for EURO over AUD, as the market has seen a bit of a scramble to cover EURO sold positions. The market faith that the Greek bailout funds would be secured was repaid, and further steps towards the debt swap have been made. The volatile Australian political situation has had limited impact on the AUD so far, but a drawn out and ugly leadership batter next week could test investor resilience. The ECB LTRO program next week will also be a key focus. Consolidation through the .8010 (EURAUD 1.2480) level has not been achieved as yet, and will be required to indicate the pairs ability to push for further appreciation from the EURO, back from its record low levels.
 
The current interbank midrate is:                                                            AUDEUR  .8031                     EURAUD 1.2452                                                                                         
 
The interbank range so far this week to date has been:                 AUDEUR .7995  -  .8162      EURAUD 1.2252  - 1.2508
 

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