Wednesday, 05 December 2012 09:56
Posted by Imaduddin
SYDNEY/WELLINGTON: The Australian dollar held near two-month high against the US dollar on Wednesday, shrugging off slightly weaker-than-expected GDP data on top of an interest rate cut earlier in the week.
Aussie steady at $1.0470, having climbed to $1.0485 in offshore trade. A break above the Nov high of $1.0491 could see a test of $1.0520, the Sept 21 peak. Traders cite stops above $1.0520/30, with larger ones above $1.0570.
Long-term trendline found at $1.0565 and a break above would be very bullish. Support seen at $1.0460 and $1.0430/35.
Australia's economy grew a moderate 0.5 percent last quarter vs forecasts of a 0.6 pct rise with declining export earnings and a cresting mining boom pointing to tougher times ahead.
GDP reading does little to change market odds of further easing, following Tuesday's quarter point cut to a record-matching low of 3.0 pct.
Interbank futures suggest a 50-50 chance of a follow-up rate cut in February, ...
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SYDNEY/WELLINGTON: The Australian dollar held near two-month high against the US dollar on Wednesday, shrugging off slightly weaker-than-expected GDP data on top of an interest rate cut earlier in the week.
Aussie steady at $1.0470, having climbed to $1.0485 in offshore trade. A break above the Nov high of $1.0491 could see a test of $1.0520, the Sept 21 peak. Traders cite stops above $1.0520/30, with larger ones above $1.0570.
Long-term trendline found at $1.0565 and a break above would be very bullish. Support seen at $1.0460 and $1.0430/35.
Australia's economy grew a moderate 0.5 percent last quarter vs forecasts of a 0.6 pct rise with declining export earnings and a cresting mining boom pointing to tougher times ahead.
GDP reading does little to change market odds of further easing, following Tuesday's quarter point cut to a record-matching low of 3.0 pct.
Interbank futures suggest a 50-50 chance of a follow-up rate cut in February, ...
SYDNEY/WELLINGTON: The Australian and New Zealand dollars hovered near six-week lows against a vigorous euro on Tuesday and were firm versus their US counterpart as markets waited for the Reserve Bank of Australia (RBA) policy decision.
Australian data further fuels speculation the RBA will cut rates by 25 basis points to 3.0 percent at its monthly meeting. A decision will be announced at 0330 GMT.
Interbank futures imply a four-in-five chance of an easing in rates, ...
SYDNEY/WELLINGTON: The Australian and New Zealand dollars stumbled to six-week lows versus the euro on Tuesday after Spain's request for a bank bailout and Greece's bond buyback plan suggested progress was being made to solve the euro zone debt crisis.
* Aussie steady on the US dollar around $1.0420 even as a run of weak domestic data adds to expectations the Reserve Bank of Australia will cut interest rates later in the day.
* Euro climbs to ...
