As we mentioned earlier this morning, all the weak stops were triggered in the AUD/USD below .7875 last night in early Europe and now there are lots of buyers emerging from the woodwork. The AUD/USD has jumped from .7880 to .7930 already this morning and one dealer I spoke with sees it going to .8025 today. I must say I’m not all that bullish AUD but then again I’m not seeing the flows.
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Lots of buyers in the AUD/USD
June 9 2009, 2:37am | Comments »
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ECB and IMF now join in the chorus
Last week it was Angela Merkel and Ben Bernanke warning of the dangers of persistently low rates and easy monetary policy. Now the ECB is plotting it’s ‘exit’ strategy and the IMF sees a global economy turnaround later this year. 2-year Treasury yields have roared higher and the crisis (what crisis?) is being declared over. Sterling and Aussie, two currencies which were very harshly treated over the last 6 months, have made very strong recoveries and it looks like the market is voting with its pocket. Good luck today.
June 9 2009, 12:14am | Comments »
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