AUD Trading Outlook (05-09-2012)
Australian Dollar (AUD) the market continued to sell into any AUD/USD strength with a post RBA rally yesterday leading to a heavy sell off down to 1.0200. The RBA noted some caution about China and recent weak data but also that the Australian economy was expected to grow and that inflation was forecast at the desired level. Also they noted they are waiting to see the effects of the recent rate cuts on the economy before considering further cuts. UPDATE Australian Q2 GDP at 0.6% vs. 0.7% forecast Q/Q.
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