AUD Trading Outlook (09-03-2012)
Australian Dollar (AUD) the Aussie shrugged off the poor February Employment data of -15k to rally past 1.0600 into Asia and 1.0670 in the US session. The AUD/USD direction is primarily decided by the daily stock market movements and much to the bemusement of fundamental traders will move higher even if local data is terrible when stocks are in an uptrend. Looking ahead, January Trade Balance forecast at 1500mn vs. 1709mn previously. Also China February CPI is forecast at 3.4% vs. 4.5%.
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