The Australian dollar strengthened to 0.7540 against the US currency during Tuesday, but the currency weakened back to 0.7460 in Asian trading on Wednesday. The Reserve Bank interest rate decision was in line with expectations with no change at 5.5%, but the GDP data was weaker than expected with the third-quarter increase held at 0.2% compared with expectations of 0.5%. There has also been some evidence on profit taking on inward Japanese investments which will maintain the risk of a correction. The high level of commodity prices will still offer support to the currency, especially if 0.7460 support holds. There is likely to be resistance close to 0.7520.
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