|
Thursday, 7 January 2010 - Market Commentary
:: Australian Dollar: The Australian Dollar opens at a 5-week high against the greenback on Thursday at 0.9200. Yesterday’s local session was largely comprised of range trading between US91 cents and 0.9120. The release of stronger-than-expected Australian building data took the currency to an intraday high of 0.9140. Approvals rose 5.9 per cent to 13,724 units in November and helped underpin the Aussie as the Reserve Bank is likely to be looking very closely at these numbers when they next meet in February. Retail Sales data for November is due for release today at 11:30 AEDT which will also be closely watched by financial markets. After a brief overnight dip to 0.9097, the Aussie rallied steadily throughout the offshore session towards this morning’s opening level.
- We expect a range today in the AUD/USD rate of 0.9150 to 0.9240 |