Yen Rallies in Safe Haven Push
Monday 20th February
The Australian dollar hit a three week high last week, despite being hampered by strong resistance levels at 0.7720. Opening below the 0.77 handle on Friday, there was little movement in intraday trading before pulling lower as the United States CM Leading Index figures impressed and continue to show strength in the US economy. The Greenback strengthened against the Aussie seeing an eventual low in the American trading session closing at 0.7760. Locally we look to RBA Monetary Policy Minutes on Tuesday along with FOMC minutes in focus Thursday. With Presidents Holiday cutting the trading week short, we expect it to be a quiet day with the Australian dollar opening at 0.7675.