Finport Currency Brief - Courtesy of Compass Global Markets.
The Australian Dollar traded within a 1% range last week, as the RBA kept interest rates on hold and had little new to say. The diminishing threat of an interest rate cut, no fresh North Korean action and a continuous stream of healthy Chinese economic data has however keep the local currency supported.
The week ahead may nonetheless see the range broken, as we look to local Business Confidence data tomorrow, Thursdays unemployment figures and a string of important US numbers that will also come towards the end of the week.
Our medium-term target is 0.80c, as long as 0.75c holds and we have seen a steady increase of sizeable market orders for forward contracts placed at the September highs, 4c above today's opening levels.
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