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The EURO outperforms the AUD as growth assets see downward pressure

Written by Sam Coxhead on November 11th, 2011.      0 comments

5:07 PM (NZT) This pair has been less volatile this week, than it has recently. Ironically the AUD continues to underperform as the debt issues in Europe have escalated, and in the face of the solid employment numbers in Australia yesterday. The wider market risk aversion, and the subsequent downward revisions of growth forecasts globally, will always impact the AUD negatively as it is viewed as the bell weather for global growth. The intense focus on Europe will continue into the end of 2011 at least. Whilst current levels are well off the extremes, if the negative sentiment continues, the current levels will still be viewed as good value buying of EURO with AUD on money transfers.
 
The current interbank midrate is:    AUDEUR .7456                     EURAUD 1.3412
                                                               
The interbank range so far this week to date has been : AUDEUR .7429 - .7546                                                                                                                           EURAUD 1.3252 – 1.3407
 

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