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Aussie spikes higher on consumer confidence

Posted by Akhilesh Ganti on Feb 12, 2013 7:26:00 PM

Australian consumer confidence rose by 7.7 percent to 108.3, the strongest reading since December 2010 and the largest percent rise since September 2011, as prior interest-rate cuts appear to have had the desired effect. The AUD/USD spiked higher on this data as expectations of further rate cuts diminished a bit. According to bloomberg, traders are pricing in a 42 percent chance policy makers will lower the overnight cash rate target by a quarter-percentage point to a record-low 2.75 percent at their meeting next month, down from 52 percent before the release.


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