Lawrence Villamar

Pushing the Australian dollar higher early yesterday figures showed Retail Sales for the month of January unexpectedly climbed by 0.9 percent.

Taking investors by surprise yesterday the Australian dollar plummeted intraday falling from an opening level of 1.0201 against the Greenback to a low of 1.0114, its weakest point since July year.

It has been a busy week across financial markets thus far with the Australian dollar edging towards multi-month lows overnight.

In a speech made yesterday Assistant RBA Governor Guy Debelle said the Central Bank has scope if needed to cut interest rates should the RBA feel the need to counter the negative influences of a consistently high dollar.

Leading to a notable drop in the Australian dollar yesterday growth in China’s manufacturing sector slumped in February.

As expected the falls continued from where we opened yesterday as equities and commodities dragged the Aussie lower and the US dollar strengthened although the decline was somewhat subdued bottoming out around 1.0230.

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The solid gains in the Aussie yesterday could only be held onto until the start of the US session with strong US data and anticipation of the Fed’s minutes sending us on a slide back through 1.03.

In minutes released from The Reserve Bank of Australia’s February policy meeting, markets effectively lengthened the odds of a near-term interest rate cut whilst longer-term maintaining the easing bias for the benchmark rate which currently sits at 3 percent.

The last 24 hours for the Aussie have been fairly quiet with the currency held in a fairly tight range and opening close to where we left it.

The Aussie’s march back towards 1.04 came to a bit of standstill on Friday night with risk aversion sending it back down towards 1.03, reversing gains that began earlier in the week.

The Australian dollar has done well to consolidate the impressive gains seen across the higher yielding asset on Wednesday.

The Australian dollar has rallied from a four-month low against its US Counterpart over the past 24 hours well supported by strong gains across equity markets as well higher commodity prices.

The Aussie has fallen back below 1.03 again overnight however it did hold recent ranges, finding support above 1.0260 with markets lacking direction for the time being.

The weakness in the Aussie continued for much of our day on Friday after the RBA released their quarterly money policy report which showed a reduction in their growth and inflation forecasts.

The Australian dollar dropped immediately yesterday following a weaker than forecast domestic retail reading.

Following a week in which the Australian dollar lost substantial ground against its US Counterpart the sell off continued intraday on Friday after a Chinese manufacturing gauge unexpectedly fell in the month of December

A strong turnaround in a report on business confidence yesterday has seen the Aussie rebound off recent lows and we now find it back around 1.0465.

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The main focus for the Aussie yesterday was the inflation data with many hoping it would provide further guidance on the RBA’s likely moves over coming months

Whilst investors were left generally disappointed by the fresh stimulus measures announced by the Bank of Japan yesterday, the open ended easing policy due to commence at the beginning of 2014 was viewed as a positive for currencies linked to the Asian growth story.

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The Australian dollar has maintained its recent ranges against its US Counterpart in what has been a lacklustre session. In the absence of any local data markets in the United States also remained closed for a public holiday.

In positive news from Australia’s largest trading partner China’s economy grew at 7.9 percent in the final quarter of 2012 comfortably topping the forecasted figure of 7.8 percent.

In a Westpac run survey consumer confidence surprisingly dropped in December with the Index now sitting below the levels of November 2011, when the RBA first started there easing cycle.

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Unmoved by comments made by US Federal Reserve Chairman Ben Bernanke overnight on Monday the Australian dollar remained range bound for much of yesterday’s session.

The short term down-trend in the Aussie continued on Monday morning following a drop in job advertisements according to a report from ANZ.