Daily Forecast - 22/3/2010

21 March 2010 @ 05:35 pm EDT

:: Australian Dollar: With a severe lack of confidence that a Greek rescue package would eventuate commodities, in particular gold, were sold off aggressively during Friday's offshore session. Spot gold plummeted $20 in quick fashion during early U.S exchange and with no meaningful North American economic data released risk appetite evaporated sending the high yielding Aussie dollar lower. Once technical support at 0.9180 broke the AUD/USD fell sharply to post a low around 0.9130; a slight bounce near the close saw it finish the week at 0.9160. Today sees the release of February New Motor Vehicle sales ahead of what is a light week on the Australian economic calendar. 

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

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