The Australian Dollar was able to maintain footing near the .7970 mark throughout the week but there must be an end in sight.
The RBA was not able to trigger the desired effect and if anything triggered a search for .80 in the rally that followed the pitch of Glenn Stevens indicating the end of the easing cycle.
Today Employment numbers showed even further dismal number for the Australian economy indicating and a rise in unemployment to 6.2% and with just under 3K more people having lost work. Far undermining expectations. There are simply no positive indicator in sight currently for the Australian economy.
The RBA will have to start digging deeper and consider quantitive easing if it is control the dollar at its next monthly meeting.
The AUD is still currently pegging around the .7970 against the greenback but we are setting our price target bearish towards .75 and shorting all positions able .7670.