Forex: AUD/USD posts daily high at 1.0342 but lacks momentum
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AUD/USD
FXstreet.com (Barcelona) - AUDUSD broke out of its daily range following soft US economic data to print a daily high of 1.0342.
Having ranged with a downside bias throughout the European morning, AUDUSD bounced as USD weakened across the board prior to US Initial and Continuing Jobless Claims, Personal Consumption and Personal Income and Spending. Data disappointed analyst forecasts and has seen a mixed response since with price declining to test short term support at 1.0333. With investors and traders alike looking towards Bernanke's performance at the Jackson's Hole Symposium for clues as to prospective stimulus measures, attempts to position themselves accordingly can be anticipated.
European Equities remain in the red but off lows and S&P 500 futures are so far holding the 1400 level. Commodities remain generally bullish and critical Spanish and Italian 10 year yields are up 2.16% and 0.4% on the day.
Having ranged with a downside bias throughout the European morning, AUDUSD bounced as USD weakened across the board prior to US Initial and Continuing Jobless Claims, Personal Consumption and Personal Income and Spending. Data disappointed analyst forecasts and has seen a mixed response since with price declining to test short term support at 1.0333. With investors and traders alike looking towards Bernanke's performance at the Jackson's Hole Symposium for clues as to prospective stimulus measures, attempts to position themselves accordingly can be anticipated.
European Equities remain in the red but off lows and S&P 500 futures are so far holding the 1400 level. Commodities remain generally bullish and critical Spanish and Italian 10 year yields are up 2.16% and 0.4% on the day.
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