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Aussie relatively unchanged in a holiday week

Thursday, Dec 29 2016
Aussie relatively unchanged in a holiday week

AUD/USD trades relatively unchanged on the week thus far as volatility has dropped significantly. Commodity currencies have been resilient this week, and have once gained against the Dollar on the day, despite a rise in the trade-weighted index. The Aussie Dollar has posted the third largest gains among the majors on the day thus far, falling behind the Kiwi Dollar and the Loonie on the gainer’s list.

There were no major economic releases from Australia so most of the selling pressure was likely related to investor sentiment. New Zealand Dollar traders likely reacted to oversold technical conditions, a thin holiday trade and expectations that the Reserve Bank of New Zealand will continue to maintain a neutral outlook towards monetary policy.

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