AUD Trading Outlook (20-10-2010)
The Australian Dollar (AUD) popped higher in Asia as RBA minutes of the October 5 meeting suggested that the decision to keep rates on hold at 4.5% (expectation to raise to 4.75%) was &ldquo finely balanced&rdquo . Markets interpreted the statement as further tightening could materialize as early as November. The AUD was unable to sustain rallies and coupled with the decision by the PBOC to increase interest rates overnight, the Aussie Dollar was one of the worst performing currencies on Tuesday. The AUDUSD traded with a low of 0.9663 a high of 0.9960 before closing the day at 0.9684.
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