Wednesday, April 25, 2007

Aussie Advances Against Majors Early Wednesday, Wednesday, April 25, 2007 5:31:20 AM

The Australian dollar spiked higher against the other major currencies during early trading on Wednesday in New York. The German April IFO business climate indicator and the British Q1 GDP preliminary report which were released during the session weakened the Aussie slightly against the Euro and the Pound respectively.

The US March durable goods orders and the new home sales data are slated for later in the morning followed by the Federal Reserve`s Beige book at 2:00 pm ET. The Australian Westpac leading index for February is scheduled for later in the day.

Against the U.S. dollar, the Australian currency trended higher in the late evening hours on Tuesday. At about 9:35 pm ET, the pair dropped slightly and then showed a choppy trend. The Aussie gained momentum again at about 2:15 am ET Wednesday and has been continuing its uptrend lately. As of 5:30 am Eastern Time, an Aussie was worth 0.8334 against the Greenback.

During late Tuesday evening, the European currency ticked down versus the Australian dollar. The euro gained a few pips by about 9:35 pm ET, but the pair followed a sideways movement within a few minutes. The euro extended the same trend until about 2:15 am ET Wednesday. The pair made a steep fall thereafter and touched an early morning low of 1.6346 by about 3:55 am ET. Soon after, following the release of the German IFO business climate indicator for April, the euro strengthened slightly but has been ticking down again currently. As of 5:30 am Eastern Time, a Euro fetched 1.6368 Aussie.

The British currency fell sharply against its Australian counterpart on late Tuesday evening. Off 2.4092 by about 7:15 pm ET, the pair made some advances and showed an uncertain trend thereafter. At about 2:15 am ET Wednesday, ahead of the release of the British Q1 GDP preliminary report, the Pound dropped off heavily. However, amid the release, the pair reversed a few of its losses but has been moving down again of late. As of 5:30 am Eastern Time, a Pound traded at 2.4048 Aussie.

To the Loonie, the Aussie showed strength during late Tuesday in New York. The pair lost ground slightly at about 9:35 pm ET and then entered a tight range. The Aussie resumed the same trend into the very early deals on Wednesday, but by about 1:40 am ET it spiked higher. The uptrend helped the pair to hit a high of 0.9357 by about 4:00 am ET. Lately the Aussie is weakening slightly and it was quoted at 0.9344 Loonie as of 5:30 am Eastern Time.
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