AUD Trading Outlook (03-08-2011)
The Australian Dollar (AUD) was under heavy selling pressure falling over 2 big figures on a combination of risk aversion and a dovish RBA statement after the RBA held at 4.75%. Concerns about global growth and market stability trumped the high inflation readings and this pared back traders&rsquo expectations for rate hikes later this year. Overall the AUD/USD traded with a low of 1.0731 and a high of 1.1009 before closing the day at 1.0750 in the New York session. Looking ahead, June Retail Sales forecast at 0.3% vs. -0.6% previously.
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