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FX Update: Aussie Looks Unsteady Around 0.625

Posted:20/11/2008 10:59 by Peter Burnside
AUD/USD traded on a heavier footing after it experienced a round of stop loss selling through 0.6330 and 0.6300. The RBA were tipped at 0.6330, but bids were pulled and this fueled broad selling interest. The pair gapped down to 0.6250-55, but has steadied close to 0.6270-80 amid reports of more RBA action around 0.6250. Aussie did experience a modicum of support overnight after RBA data confirmed that AUD 3 bln was bought by the Bank in October. However, broad based risk reduction, along with weak domestic fundamentals continues to encourage selling on strength and RBA may have its work cut out as the risk for a move back towards 0.6000 increases. click here to return to the top of the page
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