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4 Mar 2013
Forex: AUD/USD bouncing off lows around 1.0125/30
The Aussie dollar is weakening further on Monday, after mixed data in the Australian economy and the pessimism surrounding the Chinese market dragged the cross to the proximities of 1.0120
TD Securities inflation posted an annual expansion of 2.4% during February vs. +2.5% in the previous month, while Building Permits rose 9.9% in January, exceeding expectations.
Ahead of tomorrow’s RBA gathering, M.Mohi-uddin, Director of FX Strategy at UBS commented, “UBS Economics expects no change but the central bank will maintain its easing bias while continuing to warn more on the strength of the currency”.
At the moment, the pair is down 0.70% at 1.0129 with the next support at 1.0101 (low July 2012) ahead of the psychological support at 1.0000 and then 0.99897 (high May.29).
On the flip side, a break above 1.0339 (MA200d0 would aim for 1.0402 (MA55d) and 1.0457 (high Jan.30).
TD Securities inflation posted an annual expansion of 2.4% during February vs. +2.5% in the previous month, while Building Permits rose 9.9% in January, exceeding expectations.
Ahead of tomorrow’s RBA gathering, M.Mohi-uddin, Director of FX Strategy at UBS commented, “UBS Economics expects no change but the central bank will maintain its easing bias while continuing to warn more on the strength of the currency”.
At the moment, the pair is down 0.70% at 1.0129 with the next support at 1.0101 (low July 2012) ahead of the psychological support at 1.0000 and then 0.99897 (high May.29).
On the flip side, a break above 1.0339 (MA200d0 would aim for 1.0402 (MA55d) and 1.0457 (high Jan.30).