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Aussie dollar drifts lower
AUD - Australian Dollar
On the back of a poor performance of US equities the Aussie dollar fell to a weekly low of 0.7127. With the absence of relevant data and an extension of the Easter Holiday’s keeping most major markets closed resulted in currencies' pairs posting limited intraday moves.
On the data front, there are no scheduled releases for today. Looking ahead this week and on Wednesday we will see the release of Australian quarterly Consumer Price Index (CPI). Forecast for 0.2% vs previous 0.5%. On Friday we will see the release of quarterly Producer Price Index (PPI). Forecast for 0.4% vs previous 0.5%.
From a technical perspective, the AUD/USD pair is currently trading at 0.7138. We continue to expect support to hold on moves approaching 0.7100 while now any upward push will likely meet resistance around 0.7160.
Key Movers
On the release front yesterday in the United States we saw the US release of Chicago Fed Manufacturing Activity Index which resulted in -0.15 in March, better than the previous -0.31, and US Existing Home Sales for the same month, which declined by 4.9% when compared to February, more than doubling the market's forecast of -2.3%, while February's reading was downwardly revised to 11.2%.
Looking ahead today in the US we will see the release of March New Home Sales, and the April Richmond Fed Manufacturing Index. On Thursday the US will release Durable Goods Orders.
Expected Ranges
AUD/CAD: 0.9420 - 0.9620 ▼AUD/EUR: 0.6230 - 0.6440 ▼
AUD/GBP: 0.5400 - 0.5600 ▲
AUD/NZD: 1.0600 - 1.0800 ▼
AUD/USD: 0.7030 - 0.7230 ▼