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Whats been happening to the AUD EURO pair?

Written by Sam Coxhead on September 7th, 2012.      0 comments

4:35 PM (NZT) The Australian dollar opened the week lower against the EURO following the disappointing Chinese manufacturing numbers the weekend prior. From there we saw a period of mostly sideways trade before the Australian dollar saw a boost in demand leading into the ECB monetary policy announcement. With most of the details leaked the day before, it was interesting to see further AUD appreciation following the announcement. It looked to be profit taking from investors after the recent AUD underperformance. The near term focus now moves to tonight’s US employment numbers and the impact they may have of the FED. A weak number would see increased chances of further monetary easing and this would likely see the AUD out perform in the near term. The range of .8080 - .8230  (1.2150 – 1.2380) looks to provide the initial support and resistance levels for the coming sessions.
 
The current interbank midrate is:                                               AUEUR  .8158                    EURAUD  1.2258                                                                                     
 
The interbank range so far this week to date has been:   AUDEUR .8086 – .8186   EURAUD 1.2216 – 1.2367
Topics: AUD EUR
 

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