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Whats pushing up the AUD against the USD?

Written by Sam Coxhead on December 1st, 2011.      0 comments

5:21 PM (NZT) The AUD has been volatile again this week. The AUD outperformed from the outset. There has been clear evidence “sold” position covering, that is exiting “sold AUDUSD positions” as the market moved higher. The initial push was provided by rumours that the IMF would provide a funding package for  Italy. The subsequent IMF denial did little to affect the demand for the AUD. The much better than expected private capital expenditure numbers released on Wednesday pushed the pair to its highs before the sellers once again took over and pushed the pair around 140pts lower to .9940, this was just before the central bank news came out overnight. The pair is now over 100pts below the 1.0330 highs and again looks heavy. Further weak manufacturing numbers from China will slow demand in the coming days. Expect the markets to remain with low liquidity through until mid January from now, and this will see the moves accentuated.
 
The current interbank midrate is:                                                            AUDUSD 1.0218
                                                                                            
The interbank range so far this week to date has been:                 AUDUSD .9753 – 1.0330              
 

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