AUD Trading Outlook (17-01-2013)
Australian Dollar (AUD) the AUD/USD continues to trade in a very tight range between 1.0530-1.0580 and we are waiting for a catalyst to break out. The risk on trading environment is generally supportive for the risk sensitive currency but the local economy is weakening and the central bank has been cutting interest rates in the last 6 months. Traders are watching China’s economy very closely with the sharp rebound in recent months also supporting the AUD outlook. UPDATE AUSTRALIAN December Employment Change -5.5k vs. +10k forecast. Unemployment Rate forecast at 5.4% vs. 5.2% previously.
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