Forex: AUD/USD – Aussie stays bullish on gold price

on Jul 23, 2013
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iNVEZZ.com, Tuesday, July 23th: The recent pace of the Australian dollar has continued in today’s Asian session, with the pair rising to 0.9285 before retracing nearly 40 pips ahead of the European opening.

The AUD has been finding fresh legs in a resurgent gold price. Australia is one of the largest gold producers in the world and as a commodity currency the Australian dollar is sensitive to fluctuations in gold pricing.
Yesterday, the gold price broke back through $1,300 an ounce, surging to $1,325 to be at its highest level since June 20 and boosted by a retreat in the US dollar.

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The aussie follows every development in China and yesterday Chinese Premier Li Keqiang observed in an interview that his government sees seven percent GDP growth as very much the bottom line in tolerating an economic slowdown.
According to the official Xinhua News Agency, Li said that sub-seven percent growth won’t be tolerated given the PRC’s objective of achieving a moderately prosperous society by 2020.

In the US today, the weekly Redbook Index, which tracks sales growth in a sample of large US general merchandise retailers, will be released at 14:00 BST.
At the same time the Office of Federal Reserve Housing Enterprise Oversight is due to publish the US Housing Price Index for May.
The Richmond Fed Manufacturing Index for July will follow at 15:00 BST.

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