Audusd - page 2
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Goldman Sachs came out today with a report stating that investors should buy the Aussie dollar against the US dollar up to 95 US cents. They say to cover at 87.50 US cents. “With the robust GDP numbers out of the US, we think the backdrop could be supportive for risky assets in general in the short term.” The Aussie dollar was up today to 91.68 US cent
Australian Treasurer Wayne Swan said on ABC television that it is too early to take away government stimulus as jobs and the economic recovery depend upon it.
The Aussie is down today as investors are taking gains due to concerns that the appreciation has been to rapid. It reached the 14-day relative strength index reading of 63.1 yesterday, near the 70 threshhold that signals that the currency is poised to weaken.
China said that industrial production and retails were up in October and as a result the Aussie was up being that China is Australia's largest trading partner.
Australia's PM spoke in Singapore today with many headlines: unemployment rate is still too high, consumer confidence is strong, Australian economy has strong fundamentals, Australia has benefited from China and Asian growth, monetary policy is still expansionary, stimulus is timely, temporary and targeted.
The stand you took here is worth a praise..
AUD/USD rally extends further to as high as 0.9873 today so far & break 2008 high of 0.9849.