AUD Trading Outlook (28-07-2011)
The Australian Dollar (AUD) was the strongest currency in the market breaking to fresh all time highs on the back of strong Q2 CPI figures at 0.9% vs. 0.7% forecast. AUD/USD soared above 1.1000 and went on a stop loss run towards 1.11 before falling back on the sharp drop in US stocks and resurgent USD. The market is bullish because the strong CPI numbers may lead to the RBA raising interest rates further this year. Overall the AUD/USD traded with a low of 1.0936 and a high of 1.1082 before closing the day at 1.1030 in the New York session. UPDATE July RBNZ Rate hold at 2.5%
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