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Australian dollar awaits key data

ByFIBO Group
Published 10/21/2014, 11:10 AM
Updated 03/09/2019, 08:30 AM

The Australian dollar is up in early trade today trading at around US87.70 cents buoyed by a strong finish last week to global share markets.

Westpac senior market strategist in Wellington, Imre Speizer, said appetite for riskier assets like the Australian dollar and equities improved for the second consecutive day during the offshore session on Friday. “US economic data was supportive, as were US earnings reports and a Wall Street Journal report said the People’s Bank of China will inject liquidity into 20 mid-sized banks,” he said.
With no major economic news due for release today we may the Australian currency trade within a tight range as traders await Tuesday.

There is a wave of economic news due out of Australia starting from tomorrow that could move the Australian dollar and we may in fact see the currency test its recent low of US 86.41 cents. On Tuesday the Reserve Bank releases minutes from its October board meeting, and deputy governor of the Reserve Bank Philip Lowe will give a speech in Sydney .On Wednesday, we will see the release of the latest quarterly inflation figures, which may show a reduction from the previous quarter. On Thursday, investors will await a speech given by RBA governor Glen Stevens where he is expected to remain in neutral mode saying that Australia needs a prolonged period of stable interest rates.

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