Wednesday October 6, 2010 - 03:56:50 GMT
Share This Story
Forex Hound - www.forexhound.com
Aussie Dollar Recovers after Early Setback
The Australian Dollar recovered on Tuesday after an early
setback. The Aussie was pressured overnight following a sell-off triggered by
the surprise news that the central bank passed on another interest rate hike.
The Aussie erased losses against the U.S. Dollar after
demand for higher-yielding assets soared, sending commodity and equity prices
The Reserve Bank of Australia kept its benchmark
interest rate at 4.5%, surprising some traders who were looking for a 25 basis
point hike. The central bank cited moderate inflationary growth as the main
reason behind the decision to pass on the hike. Central bank officials are most
likely waiting for more information to confirm the economy is heating up enough
to warrant another rate increase.
Technically, one has to go to the monthly chart to see
whatâ€™s stopping the AUD USD from rising. The 98.49 July 2008 top is currently
providing the resistance at this time.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."