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FX Update- AUD

Posted:14/11/2008 15:37 by Keith Lobodzinski
AUD/USD bounced out of 0.6520 following the U.S. releases, but its upside has been capped above 0.6600. This level was rejected in early N.Y. trade as dollar buying picked up steam and also struggled on the post-data rally up to 0.6602. Dip buying has been noted since, with 0.6550 drawing in some interest from the interbank market, but the names involved are not expected to have a great deal of influence on the bigger picture, with external factors the main influence. Lower down support was noted from a custodial account reportedly working a GBP/AUD sell order, along with good interest from an Asian reserve manager that supported early on in the European session. The market will look towards the weekend G20 meeting for near-term direction. Currently, the pair is benefiting from remarks from U.S. Fed Chairman Bernanke amid the call for global fiscal stimulus. click here to return to the top of the page
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