AUD Trading Outlook
Australian Dollar (AUD) the AUD/USD mimicked the EUR/USD closely with a rally in early Europe before sustained selling for the rest of the day as the China slowdown story hit the Asian commodity powerhouse directly. June Chinese Flash HSBC PMI came in lower at 48.1 vs. 48.4 previously.
Australian Dollar (AUD) pushed to new rally highs above 1.0180 with the positive stockmarket rally helping investors surge back into the risk currency. AUD/JPY is now above Y80 and could continue to rally with Y88 year high. Looking Ahead New Zealand GDP is forecast at 1.3% vs. 1.8% previously.
Australian Dollar (AUD) was able to hold onto most of the gains from the Greece election rally in Asia yesterday with traders selling the EUR/AUD rather then selling AUD/USD when the EUR/USD fell so heavily. UPDATE RBA minutes suggest future rate cuts are less likely as local economic data remains strong and the recent cuts were mainly to protect from the European Crisis downside risks.
Australian Dollar (AUD) the AUD/USD is going from strength to strength now we are back above parity and the Greece situation has at least averted a disaster. AUD/JPY flows are helping and the Yen cross is now back above the key Y80 level. Looking ahead, no economic data.
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