AUD Trading Outlook (05-10-2010)
The Australian Dollar (AUD) was under mild selling pressure for most of the day as the market pared back gains before today&rsquo s RBA rate meeting. With Sydney away on bank holiday yesterday the Asian open and reaction to key economic data today may set the mood for the rest of the week. Overall the AUD/USD traded with a low of 0.9651 and a high of 0.9737 before closing the US session at 0.9680. Looking ahead, RBA forecast to raise rates to 4.75% vs. 4.5% previously. August Retail Sales forecast at 0.4% vs. 0.7% previously.
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