USD Trading Outlook (20-02-2014)

The Australian Dollar (AUD): AUD/USD drove up to 0.9045 in early European session bouncing off from intital support of 0.8990. However, it was unable to make further gains and dropped back towards 0.9030 into NY’s open. This morning, the FOMC minutes announced to continue tapering and AUD/USD hit back to low 0.90s as US yield lifted. Range trading through out yesterday 0.8990 – 0.9050, market will be focusing on China’s Feb HSBC PMI today.

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