Daily Forecast - 16/11/2009

15 November 2009 @ 04:54 pm EDT

:: Australian Dollar: The Aussie dollar shrugged off weak European GDP data to hold on to support at 0.9260 and rally on Friday night. Greenback weakness emerged following disappointing University of Michigan and Trade Balance data which assisted the Aussie in its rally to finish the week on its highs at 0.9340. The week ahead sees the release of several key figures with the RBA's minutes to the recent meeting kicking off proceedings on Tuesday to be followed by more RBA speak on Wednesday and the release of Q3 Wage price data. Bullish sentiment early in the week should see the AUD/USD retest last week's highs around 0.9370 with the 94 cent handle a distinct possibility should the central bank continue its hawkish rhetoric.

For more information, go to www.ozforex.com.au

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