The AUD has reacted positively to the Fed's announcement of QE3, but it isn't keeping up on the crosses, says the NAB in a market note. It says this is expected to continue as positioning remains a negative, as do commodity prices. The NAB adds that carry trades are supporting the AUD against the USD, but weak commodity prices may create some pressure. The NAB says it prefers to sell the AUD/USD into strength above 1.06; and expects the AUD/EUR to resume its downward trend. The AUD/USD is now at 1.0540.
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