FOREX

Despite a positive night in the financial markets, the Australian dollar has opened weaker this morning and is trading at USD 1.0670.

For the time being, investor concerns over Eurozone debt appears to have been put on the back burner as a new deal for Greek aid is being seriously considered.

A snap up of riskier assets yesterday morning saw the Aussie break comfortably through resistance at 1.0700 and reach session highs around 1.0750.

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An uneventful offshore trading session has seen the AUD track sideways, largely unchanged from the USD1.0700 level seen yesterday.

AUD held 1.0680 support overnight identified in yesterday’s morning report to break higher in early Asian trade above 1.0710 static resistance area. Traders are calling for an increase in bullish momentum with a continuation towards strong 1.0840 area, ahead of further gains.

There have been several revelations over the past few weeks that may bode ill for the Eurozone and the United States. First, it was learned that Spain’s public debt has been significantly under-reported, suggesting that their fiscal problems are far worse than earlier realized.

The NZ dollar hit a new post float high against the greenback yesterday after markets were stunned by a huge rise in the country's trade surplus on April.

After initially spiking 30 basis points upon opening yesterday the Australian Dollar was dragged lower during intraday trade bottoming out at a rate of 1.0674 against its US Counterpart.

The Aussie has opened higher this morning but has pulled back in the first few hours of trade. A pullback to 1.0680 could see buyers step in but, with the UK and US both closed for long weekends, we might trade in a tighter-than-usual band and traders are likely to wait for confirmation before taking new positions.

A report released by the ABS yesterday confirmed that Private Capital Expenditure expanded in the three months to March 31 by an overall figure of 3.4%.

After rallying almost US1cent following yesterday’s strong CAPEX figures, the AUD had a fairly quiet session overnight, currently trading just above USD1.0600.

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The dollar consolidated yesterday against the Yen, as a weak Japanese economy and a positive interest rate differential, drew investors to the greenback.

The uncertainties over Greece continue to weigh on market sentiment, driving up periphery yields and CDS prices, with unsubstantiated rumors of a snap election the new catalyst for a pullback in the euro after the Greek PM failed to get consensus on new austerity measures.

A report released by the ABS yesterday confirmed that Private Capital Expenditure expanded in the three months to March 31 by an overall figure of 3.4%.

After breaking down below USD1.0500 late in yesterday’s local session, the AUD has recovered a little overnight, to be currently sitting at USD1.0520.

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The Aussie dollar pushed higher in yesterday’s session before finding resistance up at 1.0580. In the near term, this level looks to have capped gains and the market is expecting the downtrend to continue. Support is now seen at 1.0480 and a break of this level will be bearish.

The Australian Dollar opens significantly lower this morning buying 1.0505 US Cents.

US new home sales rose 7.3pct in April to a seasonally adjusted 323,000 - the highest rate since December. Median home prices were up 4.6pct from a year earlier.

The AUD is weaker this morning after some poor data releases and continued concerns about Europe saw investors move towards the USD in safe haven trading.

The Australian dollar opens higher this morning currently trading a rate of 1.0647 against its US counterpart. In what proved to be a very subdued day of trading with very tight ranges being seen throughout the Asian Session, the recent trend of investors buying the currency on dips continued.

The Australian Dollar has opened slightly lower this morning following a sharp sell-off of the EUR on Friday night.

The Aussie dollar has been dominated by the short-term downtrend that has been in place since early May and we can see the downtrend line comes into play just above 1.0700. This has confluence with the horizontal resistance also near 1.0700 and traders will be looking to take new shorts around this level. Support is seen near 1.0500.

A strong rally in Australian equities was enough to support the currency from the outset on Thursday pushing it towards 1.0680 where it spent most of the Asian session.

The Australian Dollar has opened slightly stronger this morning, despite weakness in commodity prices overnight.

AUD is slowly grinding higher as a weaker USD across the board is offset by the fact that commodities have struggled this week. However, traders still seem keen to trade from the short side unless we break up through 1.0710/20 region expecting at least one more push towards the 1.0500/20 lows next week.

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