Forex: AUD/USD hovers around yesterday’s high

on Jun 27, 2013
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_iNVEZZ.com Thursday June 27th:_ During the Asian session today the AUD/USD continued yesterday’s upward trend and the pair increased to 0.9337, a current daily high. On the European opening the quote retraced to a session low at 0.9274. Currently the AUD/USD is trading close to Wednesday’s higher exchange rate at around 0.9312, seeking to push up to a new daily high.

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Today the National Australia Bank said that the Australian dollar’s value against the greenback does not yet fully reflect the extent of the rise in US yields.

Ray Attrill, head of currency strategy at NAB observed: “The Fed’s return to the (early stages) of policy normalcy in itself justifies an AUD/USD in the low $0.80s”.
The bank has lowered its previously forecasts for the Aussie which showed $0.93 and $0.87 respectively until the end of 2013 and 2014 and predicted that the Australian currency will trade at $0.88 against its US counterpart by the end of this year and at $0.83 by the end of 2014.
Yesterday AUD/USD rose to a six-day high at 0.9342, following the release of US consumer confidence data, which was reported at 81.4, its highest level since January 2008 and the US Durable Goods Orders ,which jumped 3.6 percent in May.

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AUD Forex