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26 Feb 2015
Aussie data supporting AUD/USD’s higher break – NAB
FXStreet (Barcelona) - Ray Attrill, Global Co-Head of FX Strategy at National Australia Bank, summarizes the performance of AUD, noting that the Aussie is up 0.8% of the day, backed up by above consensus construction work data.
Key Quotes
“The charge higher in CAD had most major currencies drifting higher against the USD during the local session. AUD/USD and NZD/USD choreographed simultaneous breaks of resistance, at 0.7850 and 0.7500 respectively.”
“The AUD resistance was a more important level, having defied convincing breaks throughout February.”
“That technical break was soon supported by positive data. Australia’s construction work down fell by significantly less than the market had expected. This feeds into Australia’s GDP outturn (due next week), and has analysts revising forecasts higher.”
“AUD is up 0.8% for the day, having traded above 0.79 for the first time since January.”
Key Quotes
“The charge higher in CAD had most major currencies drifting higher against the USD during the local session. AUD/USD and NZD/USD choreographed simultaneous breaks of resistance, at 0.7850 and 0.7500 respectively.”
“The AUD resistance was a more important level, having defied convincing breaks throughout February.”
“That technical break was soon supported by positive data. Australia’s construction work down fell by significantly less than the market had expected. This feeds into Australia’s GDP outturn (due next week), and has analysts revising forecasts higher.”
“AUD is up 0.8% for the day, having traded above 0.79 for the first time since January.”