AUDUSD
- AUDUSD falls from 1.0300 to 0.9800 in past 9 days
- Consistent sell off due to focus on Spanish/ Italian and U.S debt problems
- Debt yields on Spanish and Italian bonds hold just under the unsustainable 7%
- US budget committee fails to agree on $1.2T worth of cuts
AUDEUR
- AUDEUR falls from 0.7524 to 0.7270 in past 7 days
- Government changes in Greece, Italy & Spain in past month
- European GDP holds just above 0% growth
- Massive pressure on Spain and Italy to get their budgets in order
AUDGBP ( GBP/AUD)
- AUDGBP falls from 0.6440 to 0.6291 in past 7 days
- UK also trying to get it books in order through austerity, but this is slowing the economy
AUDNZD (NZD/AUD)
- AUDNZD rises from 1.2500 to 1.3150 in past 7 weeks
- NZ election this Saturday causing some uncertainty
- Traders shun Kiwi in favour of AUD
- Note: NZDUSD has fallen from 0.8200 to 0.7475, a 9% fall in 20 days.
General Consensus
The AUD has consistently been sold off against major pairings in the past week due to uncertainty over European debt problems. Economic data out of the U.S has slowly been improving over time.
Market consensus on stocks around the world, and on all “risk” assets which includes the Aussie and New Zealand dollar have fallen sharply, with investors sharp focus on Italy and Spain as the situation continues to deteriorate.
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