AUD Trading Outlook (01-05-2012)

Australian Dollar (AUD) the AUD/USD pulled back overnight as the coming RBA risk event prompted the buyers in recent days to take profit in case the central bank cuts rates more than expected today. The RBA statement will also be digested for clues on the future policy action and issues on the RBA’s mind. Looking ahead, RBA forecast to cut rates to 4.0% vs. 4.25% previously. UPDATE CHINA PMI at 53.3 vs. 53.6 slightly less than expected.

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