AUD Trading Outlook (05-10-2011)
The Australian Dollar (AUD) the Aussie was sold aggressively in the risk off environment breaking below 0.9500 and then 0.9400 with solid economic data providing little support. August Trade Balance surged to 3.1bn vs. 1.9bn forecast. The RBA also met and held at 4.75% as they took note of global investor turmoil and preferred to wait and see Q3 inflation figures before acting. Traders took this as neutral to dovish and sold the AUD/USD aggressively after the statement was released.
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