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Forex: AUD/USD inching higher, around 1.0560

By FXstreet.com,  December 13, 2012, 02:32:00 AM EDT

FXstreet.com (Barcelona) - The Aussie dollar is hovering over the 1.0560 region on Thursday, extending the relief rally post-FOMC, retracing some ground after climbing to levels above 1.0580 soon after the announcements.

In the market front, the Consumer Inflation Expectation rose 1.8% in December from 2.2% and the New Motor Vehicle Sales remained flat on a monthly basis during November, while rising 9.7% over the last twelve months.

According to Adrian Foster, analyst at Rabobank, "In the December survey, CPI inflation is expected to be 1.8% YoY in future, the lowest rate since mid-1997; that's a long time. In the depth of the 2008-2009 slowdown, these expectations only fell to 2.2% YoY. Clearly, expectations are no barrier to further rate cuts from the RBA".

The cross is now posting meager gains at 1.0556 or +0.01%, and a surpass of 1.0585 (high Dec.12) would bring 1.0625 (high Sep.14) and 1.0637 (high Mar.19).
On the downside, support levels lie at 1.0523 (hourly lows Dec.12) followed by 1.0510 (hourly lows Dec.11) and 1.0472 (MA10d).




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

Referenced Stocks:



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