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The RBA cut pushes the AUD lower against the US dollar.

Written by Sam Coxhead on May 4th, 2012.      0 comments

6"39 PM (NZT) The US dollar has continued its recent pressure on the Australian dollar this week. This is unsurprising given the somewhat surprising 50pt cut to the cash rate from the RBA. The support has come in at 1.0250 and a consolidated breach of this levels opens up the way for further investigations lower. The RBA Monetary Policy Statement shed little further light on RBA expectations going forward. Further downward pressure would indicate further weakening of the global outlook, probably accelerated by some kind of development in Europe. The 1.0350 level presents initial resistance for any AUD bounce from these recent and established lows around 1.0250.
 
The current interbank midrate is:                                                            AUDUSD  1.0267                                                                                         
 
The interbank range so far this week to date has been:                 AUDUSD 1.0236 – 1.0475
 

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