The AUD remains soft, as has the EUR over the last week or so, trading around 0.6100, A slew of European inflation and growth data will almost certainly change this tight trading range. A recessionary Europe, with continued rising inflationary pressures, will force the ECB to hold rates higher, which will support the EURO$. If the reversal in recent upward inflation pressures ceases, then the growth narrative will take precedence and add pressure to the ECB to make rate cuts,
undermining the EURO.
Current Level: 0.6080
Resistance: 0.6210
Support: 0.6000
Last Weeks Range: 0.6050 – 0.6130