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FXEmpire | February 7 2012 2:56 EST
AUD/USD Fundamental Analysis February 8, 2012 ForecastEconomic Events: (GMT)
No economic indicators in the US or AUD today
Analysis and Recommendation: ( close of Asian session )
AUD/USDwas trading at 1.0808
The foreign-exchange market reacted to the news by pushing the Australian currency to a high not seen since early last August.
The Aussietraded as high as $1.0821 after the announcement although it later eased back slightly to $1.0809. Before the RBA decision, the dollar sat at $1.0707.
In a surprise move Tuesday, the RBA maintained interest rates, many believe that there would be a small change, but only a few economist predicted a hold. The RBA said that it decided to keep its policy rate at 4.25% since, with growth expected to be close to trend and inflation close to target, the board judged that the setting of monetary policy was appropriate for the moment.
Economists had widely expected the central bank to follow the quarter-point rate cuts made at the last two meetings of 2011.
The AUD is expected to drop slightly to level off after the comments are digested and interpreted by the markets.
Economic Data results prior trading
AUD | Retail Sales (MoM) | -0.1% | 0.2% | 0.1% | ||||
EUR | German Factory Orders (MoM) | 1.7% | 0.5% | -4.9% | ||||
CAD | Ivey PMI | 64.1 | 57.8 | 63.5 | ||||
NZD | Labor Cost Index (QoQ) | 0.7% | 0.5% | 0.5% |
Scheduled Sovereign Bond Sales
Feb 08 10:10 Sweden Nominal bond auction
Feb 08 10:30 Germany Eur 4.0bn Feb 2017 Bobl
Feb 08 10:30 Swiss Bond auction
Feb 08 16:30 Italy Details BOT auction on Feb 13
Feb 08 18:00 US Auctions 10Y Notes
Feb 09 10:10 Sweden Sek 0.75bn I/L bond auction
Feb 09 15:30 Sweden Details I/L bond auction on Mar 23
Feb 09 16:00 US Announces auctions of 30Y TIPS on Feb 16
Feb 09 16:30 Italy Details BTP/CCTeu auction on Feb 14
Feb 09 18:00 Italy Auctions 30Y Bonds
Feb 10 11:00 Belgium OLO auction
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