AUD Trading Outlook (24-11-2011)

The Australian Dollar (AUD) traded with a heavy tone throughout much of the day, as reports of possible Dexia rescue plan collapse may place France’s credit rating under review, added to poor Chinese PMI number released at 48, it lowest recording in 32 months, ensured the Aussie Dollar lost its demand due to its risk nature. In the overnight session headlines surrounding Germany’s now imminent exposure to the euro debt crisis attributed to the AUD posting its lowest levels of 0.9664 since the 6^th of October. The NZD in similar fashion lost appeal as risk appetite remained considerably off posting a fresh 8 month low of 0.7386.