In what is a short trading week due to the Easter festivities, today will be the busiest day regarding market data.
Tuesday has started with overnight news from Sydney where the Governor of the Reserve Bank of Australia, Mr. Glenn Stevens spoke at the Australian Securities and Investment Commission’s annual forum.
The Australian dollar has been a favored currency to trade in recent times in particular against the US dollar and Japanese yen. The increased popularity of the participation of AUD pairs is due to an expansion of volatility and large daily trading ranges which offer investors attractive trading opportunities.
Mr. Stevens gave an upbeat speech on the Australian Economy and said “The Australian economy is adjusting quite well in the circumstances — certainly far better than in other episodes of commodity price fluctuations we have seen in history,” Stevens said. “That said, the adjustment is still a work in progress.”
The speech given by Mr. Stevens would appear to have been warmly greeted by the markets as can be seen by AUD/USD this morning attempting to end what has been a two-day decline.
Across to Europe, there will be a lot of significant early morning releases which include PMI data from both France and Germany. However, the main news that affects the euro will come from Germany with the announcements of both the German Ifo Business Climate report and the ZEW Economic Sentiment survey.
There will also be significant publications from the United Kingdom with the stand out item being the CPI number.
There is little in the way of news from the United States. However, this evening the Liberal Government of Prime Minister Justin Trudeau will present the first Canadian annual budget since his party swept to power last November.
The Canadian dollar in recent weeks has appreciated with USD/CAD having slipped lower from the high of 1.4690 that was put in back in January and is today trading at 1.3060.