The market in brief:
Market events due:
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AUDUSD: The Australian Dollar has rallied up from the lower end of the recent range as US Inflation data fell below forecast levels and the US Fed’s FOMC were less hawkish than most had expected, suggesting we may not see a rate hike from them at all this year. Looking ahead we have no potential market moving data due for at least a week so see no reason for a break of the USD 2 cent range.
AUDEUR: The Euro has benefited the most from a less than hawkish Fed statement and as EU policy makers agreed to the first tranche of Greek bailout funds. There is nothing of note from Europe expected today, however manufacturing numbers come tomorrow so we should sit around here until then.
AUDGBP: A lack of data from either centre ensured this pair held at recent lows. UK Retail Sales figures are set for release this evening and expected to show a pick up there and so we’d expect the downward trend for this pair continue.
AUDNZD: The Tasman Cross tried to make a recovery, however the market is happy to hold around here following the pick-up in dairy prices. We favour a return to levels seen at the start of the week as NZ exporters take advantage of this temporary correction.
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