Australian Dollar Outlook - 04 January 2013
Bell FX Currency Outlook: Australian Dollar still strong peaks at a two week high as the United States avoids fiscal cliff.
Australia: It was a day of consolidation on European financial markets after yesterday's strong rally triggered by the US Congress agreement on measures to avoid part of the 'fiscal cliff'.
The AUD outperformed overnight rising to above 1.05 but retraced some of this gain following the FOMC Minutes. The AUD/USD was sold late last night and could be construed as vulnerable if it fails to hold at 1.0460. Should this occur, we could well find ourselves back below 1.0400 where it sat prior to the Senate Bill being passed by the House of Representatives on Wednesday.
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