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AUD Trading Outlook (07-08-2012)

Australian Dollar (AUD) the AUD/USD was strong continuing to press to fresh rally highs above 1.0580 and is looking to test 1.0600 and then 1.0650 if the stock market holds. The RBA meet today but this is not expected to be a major event with economists expecting the RBA to hold at 3.5%. The statement will be closely scrutinized though for clues as the timing and direction of the next move. Looking ahead, RBA Australian Interest Rate forecast to hold at 3.5%.

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