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FX Update- AUD

Posted:01/12/2008 14:35 by Keith Lobodzinski
AUD/USD is trading at intra-day lows, with early N.Y. accounts favoring the dollar as the market focused on safe haven dollar buying and general repositioning ahead of this week's plethora of central bank rate announcements, which includes Tuesday's RBA meeting. The RBA is expected to cut by 75 bp and could even cut by as much as 1% given that interest rates in Australia are still relatively high at 5.25%, compared with the rest of the developed world. Proprietary accounts and leverage funds were the main sellers in AUD/USD, while AUD/JPY saw interest from Asian fund names and retail accounts. AUD/USD hit 0.6384 lows and AUD/JPY trade down to 59.87. Option interest also picked up, with 1-wk AUD/NZD dealing at 1.2050, along with AUD/USD 0.6300 strikes over the same period. click here to return to the top of the page
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