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Why is the AUD losing ground to the EURO?

Written by Sam Coxhead on September 22nd, 2011.      0 comments

5:02 PM (NZT) The pair had a relatively stable start to the week and the AUD only came under pressure in the wake of the downbeat economic assessment from the US Federal Reserve early this morning. All risk assets have been aggressively sold and the AUD is no exception. The just released HSBC Chinese PMI survey showed a level of 49.4 vs an expectation of 49.9. This has been taken as a sign that all is not well in China, as the AUD reacted negatively as it has a high correlation with Chinese growth. It is going to be a very interesting remainder of the week. Tensions surrounding the Greek debt situation remain very high. If we see further selling across equity markets, it can be expected that the AUD will continue to soften. Whilst current levels are not the highs reached by the AUD recently, current levels would constitute good value buying of EURO with AUD.
 
The current Interbank price AUD/EUR (EUR/AUD) : .7399 (1.3515)
 
The Interbank range so far this week AUD/EUR (EUR/AUD) : .7371/.7555 (1.3236/1.3566)
 

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