AUD in Focus April 2012
14 Apr 12
AUD/USD lost considerable ground in March, falling by -3.6% on the month overall as weakness in metals and other commodity markets weakened the Australian Dollar while the Fed distanced itself from further QE measures.
The Aussie consolidated at high levels during most of February; just besting January’s high by a few pips by trading up to 1.0856. Nevertheless, March and early April saw AUD/USD fall consistently, with the rate hitting a low of 1.0243 on April 2nd within its near term down trend.
AUD/EUR dropped sharply in March, declining by -4% overall. The sharp move was in part due to asset flows favouring the Euro after the apparently successful completion of the Greek bailout and the expansion of the loan capability of the ESFS.
AUD/EUR rose to hit a fresh long term high at 0.8240 on Feb 6th, before trading correctively lower to 0.7923 and then bouncing back up to 0.8155 by Mar 5th. The downside reasserted itself in March, sending the cross lower to hit the 0.7746 level by the 29th before it recovered as high as the 0.7898 level by April 4th.
GBP/AUD recovered somewhat in March after three consecutive months of declines. The cross was up by +0.4 percent for the month, reflecting lower than expected numbers out of Australia and mixed economic data out of the UK.
GBP/AUD rallied correctively in early February to peak at 1.4836 by the 9th, but it then fell to another historic low at the 1.4555 level by Feb 14th. The price has risen steadily since then, pushing up as high as the 1.5499 level by April 4th.
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