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Why has the AUD been pushed lower against the USD dollar?

Written by Sam Coxhead on March 23rd, 2012.      0 comments

4:15 PM (NZT) The resurgent US dollar has spend the majority of the week putting impressive pressure on the Australian dollar. The slowdown in Chinese activity and associated demand for raw commodities provided much of lead lower for the AUD. The AUD has however bounced off the lows set overnight, as the risk appetite increased towards the end of the US session. The pairing remains at somewhat crucial levels. Consolidation below 1.0370 would open up the way for another push lower for the AUD. A push back through initial topside resistance at 1.0480, would make it harder for the pair to move lower in the short term. Next week the focus will mainly be in the US, in the absence of top level data in Australia. Any efforts by Chinese authorities to stimulate economic activity by increasing liquidity, or lending, would lead to some AUD demand.
 
The current interbank midrate is:                                                            AUDUSD  1.0394                                                                                         
 
The interbank range so far this week to date has been:                 AUDUSD 1.0332 – 1.0637
 

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