Bell FX Currency Outlook The Australian Dollar has opened this morning in the mid 1.0500's as trading on Friday evening saw little change from the previous day.
The Australian dollar remained firm during intraday yesterday consolidating nicely the gains witnessed across the board this week.
It was a lacklustre session domestically for the Australian dollar yesterday which remained firm in the face of a business confidence survey which plummeted to its lowest level since April 2009.
Despite weaker than expected trade figures released out of China yesterday investors instead choose to focus on improved signs of growth in the world’s second largest economy as witnessed by the release of industrial production and retail sales data announced over the weekend, both beating forecast.
Following a week in which in the RBA cut rates of 0.25 percent, the number of unemployed dropped and economic growth remained on target you’d think the Australian dollar would be in for a bumpy ride.
Bell FX Currency Outlook: The Australian Dollar has maintained its relative strength from last week as US non-farm payrolls released on Friday night improved more than forecast.
The big news for the Aussie yesterday was the employment data which surprised most investors with the unemployment rate dropping to 5.2% in November and 13,900 new jobs added
Bell FX Currency Outlook: Australian Dollar finds continued support on better than expected Labour Market Data.
The ECB's final press conference of the year triggered euro selling on a combination of downward revisions in growth and inflation as well as Draghis indication that discussions over interest rates remained ongoing.
Most months the GDP figure is followed quite closely by investors and has at least has some influence on the market, however yesterday the data passed by with little interest and the market held within a fairly tight range of less than 20 points.
As expected the Australian dollar began the day on a stronger note following better than expected Chinese PMI data over the weekend, although this didn't last long as attentions turned to todays big release in the RBA minutes.
It was a familiar story for the Australian dollar last week which traded within a tight range of less one full US Cent against the greenback.
An increase in new home sales of 3.4 percent in October combined with a surprise increase in private new capital expenditure saw the Australian dollar well supported during intraday trade yesterday.
It was a familiar story for the Australian dollar yesterday which has once again failed to break free from recent ranges.
Despite what has been an eventful 24 hour period the response by the Australian dollar has been anything but. Maintaining a recent range of 1.0440 – 1.0480 against its US Counterpart investors still appear reluctant in taking the higher yielding unit above tested resistance levels of 1.05.
Having gained more than one percent last week against its US Counterpart the Australian dollar maintained levels close to 3-week highs yesterday.
Bell FX Currency Outlook: The Australian Dollar is trading half way between USD 1.0400 and 1.0500 following rallies on global stock markets at the end of last week.
Argentina could less than a month away from defaulting on approximately $24 billion worth of debt.
In what was an overall positive week for the Australian dollar which was supported by extended gains across equity markets as volumes remained thin given the United States celebration of Thanksgiving.
The Aussie rallied to an intraday high on Thursday of US104 cents after Chinese economic data revealed manufacturing growth. The Purchasing Managers Index (PMI) came in at 50.4 in November compared with 49.5 in October.
The Aussie opens lower today at 1.0360 after a mixed 24 hours on global markets. At time of writing, Euro zone finance ministers were still locked in meetings aimed at reaching an agreement with the IMF over the latest Greek bailout plans.
In the absence of any local economic data, the Aussie traded in a narrow band for much of Monday's local session.
Bell FX Currency Outlook: The Australian Dollar is trading back in the mid 1.0300's this morning as talks in the US concerning the "fiscal cliff" offered some encouragement that a compromise will be reached between Republicans and Democrats.
The Aussie opens the new week lower at 1.0330 on global growth concerns and the prospect of lower domestic interest rates.
Risk has been removed from the market place in a big way over the past 24 hours as witnessed by a notable fall in the Australian dollar.
The Australian dollar found some support in early morning trade yesterday after consumer confidence surprisingly jumped in October by 5.2 percent.
The Australian dollar has broadly struggled against its US Counterpart over the past 24 hours.
It has been a steady rise for the Australian dollar over the past 24 hours with a slight change in risk sentiment over the early parts of this week favouring the higher-yielding asset.
For the third time this year the Reserve Bank of Australia has downgraded the Nation’s economic prospects sighting weaker export prices, a stubbornly high dollar as well as a budget surplus which is taking its toll on growth.
The Aussie is relatively unchanged this morning after mixed data has seen us trade in a 50 point range for the last 24 hours.
