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Wider market pressure pushes the AUSUSD pair lower.

Written by Sam Coxhead on November 16th, 2012.      0 comments

2:52 PM (NZT) The Australian dollar has seen some solid pressure from the resurgent USD this week. The wider market saw some decent risk aversion, and this has opened the way for this pair to move down to test some solid support at the 1.0300 level. The Australian economic news has been uninspiring this week, and with the wide range of increasing tensions, the pressure has told on the AUD. Direction from current levels  is unclear, but the bias towards risk aversion is likely to temper any sharp AUD appreciation. The 1.0300 level remains the key in the short term, and the RBA monetary policy meeting minutes will provide some Australian focus next week. The remainder of 2012 will likely be dominated by the brinksmanship around the fiscal cliff situation and will probably mean increased levels on volatility will be seen.
 
The current interbank midrate is:                                                  AUDUSD 1.0333 
                                                                                         
The interbank range so far this week to date has been:        AUDUSD 1.0303 – 1.0454
Topics: AUD USD
 

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