USD Trading Outlook (22-05-2013)
The AUD remained very steady overnight, trading 30 pips either side of .9800. Most of the action was in the cross currencies where the GBP, CHF and the CAD came in for some heavy selling mainly from the big hedge funds. The market should stay fairly quiet today as we await some major risk events in the BOJ rate decision (no major changes expected) and Mr Bernanke’s testimony later tonight. Locally we have Australian consumer confidence data for May which is unlikely to affect the AUD.
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