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USD under pressure

Written by Sam Coxhead on January 13th, 2011.      0 comments

11:30AM (NZT) Overnight saw the EUR, AUD and GBP appreciate as the USD was sold by Funds that were apparently reweighting their currency holdings. There is possibility of further reweighting flows to come today, and should these eventuate, and opportunity to sell will be presented. The EURO was also boosted by the news that Portugal was able to complete their Bond Auction as demand was stronger than expected. There seems to have been some decent support from both the Chinese and Japanese central banks. It remains to be seen if this uptick in demand for peripheral EURO debt can be sustained. 

Australian Employment numbers are focus for the day with the market expecting an addtional 25.2k jobs to be added and the Unemployment rate to reduce by .1% to 5.1%

 

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