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AUD fails to capitalise on Greenback softness as U.S tax reform disappoints investors

Thursday 27th of April

Australian Dollar:

The Australian Dollar opens lower against the Greenback this morning unable to hold above the 75c handle on the back of weaker than expected Australian inflation data yesterday. The annual rate of inflation rose to 2.1% in Q1 of 2017, from 1.5% in Q4 of 2016, the first print above 2% in 2 ½ years. However, underlying inflation stood at a quarterly rate of 0.4% and at an annual pace of 1.8%, still below the RBA’s target band. With job growth and wage growth slow but house prices are still increasing it is unlikely the RBA will look at raising rates in the near future. The Aussie moved from highs of 0.7552 to an eventual low of 0.7454 a level not witnessed since January 17th. Locally we see the release of Import Prices ahead of the RBA Governor due to speak in the evening at the Renminbi Global Cities Dialogue Dinner in Sydney. 

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Today's expected range

0.7440 - 0.7580
0.6820 – 0.7020
1.7025 – 1.7425

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Last Week Market Recap

Monday 24th April 2017

Lost a fraction last week as the RBA released its Monetary Policy Meeting Minutes with mixed economic numbers from both countries. The week began with the rate making its weekly high of 0.7609 on Monday after a lower than expected U.S. Empire State Manufacturing Index number. The pair then declined on Tuesday after the RBA’s Monetary Policy Meeting Minutes noted that, “Members observed that the nature of the risks to global financial stability had changed over the preceding six months as the economic outlook had improved and longer-term interest rates had risen. In particular, there was an increased risk that future portfolio adjustments could prove disruptive.” The rate continued lower on Wednesday, making its weekly low of 0.7490 as the price of oil began to sell off. Thursday saw the pair rebound after the Australian NAB Quarterly Business Confidence index printed at 6 versus a previous reading of 5 upwardly revised to 6. The pair continued gaining on Friday despite a better than expected U.S. Existing Home Sales number. AUD/USD closed at 0.7545, with a loss of -0.2% for the week. 

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