The AUD continues to be well supported due to firmer equity markets and improved risk appetite following the larger take up on the European banks in the LTRO the other day. The AUD is also strong on the cross rates with the AUD/EUR trading above 0.8100 while the AUD/JPY is just under the 88.00 level. Goldincreased following yesterday's sharp dip encouraged some buying increasing 1.4% to close at USD 1,721.30.
Base metals mostly increased with Copper rising 1.5% on the improved Chinese data whilst soft commodities were mixed. Brent Crude rose above $126 a barrel overnight as solid US data and Chinese data showing stronger than expected factory growth in February along with continued Middle East tensions drove expectations of strong oil demand.
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