Dollar steady as key markets closed for holidays
Tuesday 30th of May
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.