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The EURO powers back against the AUD.

Written by Sam Coxhead on November 16th, 2012.      0 comments

3:34 PM (NZT) The Australian dollar saw grinding appreciation against the EUR before the tables turned on Wednesday and the EURO saw some solid demand. The pressure was unrelenting and has been fuelled by a number of different issues. Given the sharp appreciation from the EUR, it was always likely the momentum would slow as it approached the .8080 (1.2380) level. Direction from the current levels is less clear. The key is likely to be the “Troika’s” decision on the Greek funding aid that will drive sentiment. In Australia, the RBA monetary policy meeting minutes provide the focus, although do not expect too much in the way of surprises. If the EURO is really going to make a material move higher from current levels against the AUD, a break of the .7980 (1.2530) will be needed.
 
The current interbank midrate is:                                                  AUDEUR .8088                           EURAUD 1.2376
                                                                                         
The interbank range so far this week to date has been:       AUDEUR .8060 - .8221             EURAUD 1.2164 – 1.2406
Topics: AUD EUR
 

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