Finport Currency Brief - Courtesy of Compass Global Markets.
The A$US$ held our pre-mentioned support levels of last weeks reports and bounced higher on Friday, as forecast. The mixed US data and news that the Trump administration has pushed through it's tax reforms should see this upward trend continue.
There may, however, be some bumps along the road as the next few days ahead throws up some very important economic data releases either side of the Pacific and of course the Reserve Bank meet tomorrow. Looking to the charts then and we'd set an initial target toward the highs seen at the start of November and therefore a good level for importers to set their target orders.
Looking to Europe and there is not too much in the way of EU or UK centric economic numbers due this week, those will come mid-month, so focus for those dealing in A$Eur and / or A$GBP will be on local news and we favour a retracement off the the current lows in the short term.
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