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AUD Trading Outlook (01-06-2011)

The Australian Dollar (AUD) was unable to hold onto gains that the Euro surge provided and the market instead focused on the weak trade data to push the Aussie to day lows late in the US session. Q1 Current Account at -10.45bn vs. -8bn previously. Overall the AUD/USD traded with a low of 1.0641 and a high of 1.0758 before closing the day at 1.0684 in the New York session. Looking ahead, Q1 GDP forecast at -0.4% vs. 0.7% previously.

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