USD Trading Outlook (14-05-2014)
The Australian Dollar (AUD): Europe pushed the pair lower before Australia Government budget report and hit a low of 0.9333. Short covering started as there were no major surprises in the report. The lift got further boosted as Germany’s Buba agrees with ECB’s June stimulus if inflation forecast came in lower and got the AUD up towards 0.9350. AUD then made another rally on the miss of U.S retails data to a high of 0.9383. However, 0.9400 barrier kept the AUD rally limited.
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