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HISTORICAL DETAILS
% Change
1 Wk 0.30%
1 Month 1.42%
3 Months 0.17%
6 Months 8.97%
1 Year 21.69%
52 WEEK
High 1.1012
Low 0.8668
BLOOMBERG MEDIAN FORECASTS
Q2 2011 1.07
Q3 2011 1.06
Q4 2011 1.04
Q1 2012 1.04
DAILY DETAIL
It was a pretty quiet night for AUD/USD and risk currencies in general, as the sharp rise in risk appetite seen in the previous session took a breather ahead of tonight’s emergency EU summit. The AUD traded in a tight range, between a low of 1.0709 and high of 1.0758. In Asian trade, AUD/USD was fairly stable for most of the morning session, until China’s HSBC PMI numbers were released to market at 12.30pm (Melbourne time). July HSBC flash PMI came in at 48.9, below the 50-neutral line for the first time since July 2010, which indicates slower manufacturing growth momentum as tightening measures continue to filter through the economy. Following the release, AUD/USD fell about 30 pips to trade around the 1.0710 level. While the number is a little disappointing, the general consensus is that China is nearing the end of its tightening cycle. We also need to keep it in context; China is one of the only countries deliberately trying to slow its growth. If need be, it can turn the tap on just as fast as it’s being turned off. Tonight, trade is going to be dominated by the EU summit and the subsequent sentiment created by the news flow. Ben Potter, Australia
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