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FX Update- AUD

Posted:28/11/2008 15:14 by Keith Lobodzinski
AUD/USD headed lower after failure at 0.6600 during the European morning session. Aussie has not been able to sustain this level throughout the week and an overhang of offers forced another run for cover from short term longs. There was steady downside progress throughout, with a combination of dollar safe haven demand and month end related activity adding to the long liquidation. AUD/USD recorded a 0.6493 in early N.Y. trade before it briefly recovered to 0.6540, where another round of selling was noted. The weekend OPEC meeting may be of interest to the commodity bloc currencies given expectations of steep production cuts. Meanwhile, for Aussie traders short positions are favored ahead of Tuesday's RBA meeting where another big interest rate cut is tipped. November saw a 75 bp cut and it's feasible the RBA could follow up with another 75 bp move given the deterioration in domestic and global economic fundamentals. click here to return to the top of the page
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