The Australian Dollar initially dipped vs the Greenback a little at the start of last week and hovered just under 72c gaining momentum on Thursday with the US Fed softening their stance on monetary policy. Friday, we opened around 0.7265, saw a high of 0.7284 and a low of 0.7236. A release of economic data had mixed feelings amongst the market, dwelling prices across the capital cities fell by 1.2% in January and by 6.9% in the year to January with every capital city seeing a fall apart from Canberra. Meanwhile, The AiG performance of manufacturing index rose from 50.0 in December to 52.5 in January, indicating a slight pickup in manufacturing activity back to expansion.
Looking ahead, we see the release of MI Inflation Gauge, Building Approvals and ANZ Job Ads.
On the technical front, immediate support sits at 0.7200 followed by 0.7140. On the upside, resistance sits at 0.7290 and 0.7300.