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Dollar steady as key markets closed for holidays

Tuesday 30th of May

Australian Dollar:

The Australian Dollar barely moved yesterday, with markets in the U.S, the U.K and China closed observing public holidays the local unit has been confined between a low of 0.7426 and a high of 0.7450. Markets ignored news of a third missile test within three weeks by North Korea which landed in the sea between Korea and Japan.  With recent local economic indicators being mixed it has raised some concerns on the strength of the Australian economy and therefore all eyes will be closely watching Building Approvals due out later this morning. The forecast is to rise by 3% in April  following a large drop on 13.4% in March. On the technical side, the charts are indicating a lower trend, if the pair holds above 0.7423, the near-term resistance sits at 0.7484. However, failing this the pair could grind lower to 0.7400.

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Today's expected range

0.7400 - 0.7500
0.7000 – 0.7100
1.7200 – 1.7300

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Last Week Market Recap

Monday 29th May 2017

Gained a fraction last week as the United States reported mixed economic numbers with very little significant data out of Australia. The week began with the pair trading higher on Monday after RBA deputy governor Guy Debelle said that an increase in the cross currency basis many not be a sign of stress in a speech entitled, “How I learned to stop worrying and love the basis”. He stated that “Most of the time, the basis is not a sign of stress,” and that, “I wouldn't be losing sleep over it in the way that I literally lost sleep over it in 2008”. The pair then consolidated after making its weekly high of 0.7516 on Tuesday after a lower than expected U.S. New Home Sales number. On Wednesday, the pair gained ground despite Australian Construction Work Done, which fell by -0.7% q/q versus -0.5% expected. He rate then fell sharply on Thursday after a speech by RBA deputy governor Debelle, who spoke at the launch of the FX Global Code, stating that, “This contribution of time and effort reflects the fact that all of us recognise the need to restore the public's faith in the foreign exchange market.” The pair then made its low of 0.7421 on Friday after mixed economic data from the United States. AUD/USD closed at 0.7444, with an overall gain of +0.3% from its previous weekly close.      

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