USD Trading Outlook (16-02-2015)

AUD/USD NY took advantage of the discount London offered them vs the o/n high of 0.7793 (post RBA Steven’s Q&A). A slightly less dovish Stevens session, higher commodity prices and general USD softening in the wake of Thur’s poor Retail Sales and Claims data underpinned AUD/USD, particularly after the 0.7725 London low couldn’t break the Asia low at 0.7721. A very disappointing U of Mich Consumer Sentiment result gave the pair one last leg up to 0.7778 NorAm highs. More broadly, prices are now wedged between the Feb lows, that couldn’t be breached on Thur, and the 0.7877 Feb high by 38.2% of the Jan-Feb slide. Light AUD data week next week and a US holiday on Monday.

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