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The long suffering EUR still under pressure from the AUD

Written by Sam Coxhead on March 2nd, 2012.      0 comments

5:01 PM (NZT) In this pairing the AUD remains at lofty levels. However it is certainly down from its recent peak, and during the week found resistance at .6800 (GBPAUD support 1.4700), too hard to break. The softer Australian economic data has not been the primary driver of this move. The BOE testimony on inflation has highlighted the fact that further QE is not a foregone conclusion, and this has provided some much needed support for the GBP. Both central banks will most likely announce unchanged monetary policy decisions next week, but only the RBA will have a opportunity to make comment. Expect further volatility next week with a raft of top tier data in Australia. Any negative news regarding progress on the Greek debt swap will impact GBP more negatively that the AUD.
 
 The current interbank midrate is:                                                   AUDGBP  .6768                      GBPAUD 1.4775                                                                                       
 
The interbank range so far this week to date has been:        AUDGBP .6710 - .6808       GBPAUD 1.4688 - 1.4903
 

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