Author: Dennis Li
The AUD edged higher overnight while it remained in its weekly range. It pushed back up from its low of 0.7163 to open this morning at 0.72 Yesterdays knee jerk reaction was caused by the Commonwealth Bank and ANZ joining Westpac in lifting mortgage rates citing higher funding costs. We also saw a similar picture from the AUDEUR nosediving down close to a long term support of 0.6150 only to open back to where we started, just under 0.62.
As the risk-off sentiment continues to dominate markets, investors will keep a close eye on EU GDP and US employment data this evening. Chinese trade balance on Saturday will be an interesting insight to future AUD direction.
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