Bell Potter

Bell FX: The AUD was pushed below .9200 on Friday night as the USD gained strength and the market digested the recent comments of RBA Governor Stevens. In the US it appears many of the US Federal Reserve members are trying to shift the emphasis away from discussion purely focused on when the tapering process will begin to more emphasis on the likely path of the cash rate. Several members including Chairman Bernanke have made it clear their intention is to keep the existing cash rate very low for an extended period of time until the US economy has more fully recovered and unemployment levels have dropped below 6.5%. The market is still somewhat split on the timing of the tapering with a large group of analysts favouring December and others March, 2014 for a start. Today's Forecast Range USD: 0.9150 - 0.9225


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