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Western Wool Indicator remains unchanged at 956¢
Mar '08
The Australian wool market finished 0.6% lower, on average, at sales in Sydney and Melbourne this week.

The AWEX EMI fell by 5¢ (-0.5%), ending the week at 961¢/kg. This reflected decreases of 8¢ (-0.8%) in the North and 4¢ (-0.4%) in the South, with their corresponding Regional Indicators finishing the week at 1003¢ and 925¢ clean, respectively. The Western Indicator remained unchanged at 956¢, as there was no sale in Fremantle this week.

In a two day sale in Sydney and Melbourne, the AWEX EMI was unchanged on Tuesday and fell by 5¢ on Wednesday.

44,675 bales were on offer, compared with 53,698 bales in a three day sale last week, of which 11.7% were passed in, comprised of 10.2% in Sydney and 12.6% in Melbourne. Pass-in rates for Merino fleece and skirtings were 10.3% and 16.3%, respectively. 1,705 bales (3.7%) were withdrawn prior to sale and re-offered bales made up 10.8% of this week's offering.

The US exchange rate (source RBA) was 0.90¢ lower on Monday when compared with Thursday of last week. It was down by a further 0.50¢ on Tuesday, up by 1.08¢ on Wednesday to close at 93.25¢, down 0.32¢ (-0.3%) since the last sale.

The volatile nature of the US exchange rate was heavily influenced by the expectations (and actual) decrease in official interest rates in the United States during the week. The exchange rate against the Euro fell by 0.72 Euro cents (1.2%) to close at 59.37 Euro cents on Wednesday night. The exchange rate against the Euro has slipped from 61.22 two weeks ago and is at its lowest level since late November, reflecting the current strength of the Euro.

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