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Aussie higher despite no data releases

Monday, Mar 28 2016
There were no data releases from Australia this morning with banks being closed in observance of Easter Monday holiday, with markets mostly speculating on future FED and RBA monetary moves. ABN Amro say they believe the Reserve Bank of Australia is likely to lower the Official Cash Rate, a move that is not priced in by financial markets, and therefore the Aussie. This is clearly a downside risk for the Australian dollar exchange rate complex as it suggests demand for AUD in the carry trade will be diminished.
Glenn Stevens, the governor of the Reserve Bank of Australia shrugged off the US criticism, saying that commenting on whether or not the currency was properly priced was "absolutely" consistent with Australia's long-standing support for free and open currency markets. And he drily noted that, unlike central banks in the United States, Japan and the Eurozone, the Reserve Bank had not adopted unorthodox monetary policies – such as massive bond buying programs – in an effort to push the local currency lower. 
 
Aussie is currently being traded around 0.7530 area. Pair is likely to find support around 0.7450 handle and resistance above 0.7550 level. Later today, in the US session Existing Home Sales figures are scheduled for a release.
 
 
Source: FxEmpire.com
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