Thursday, April 19, 2007

Aussie Shows Weakness Against Majors Early Thursday, Thursday, April 19, 2007 5:48:58 AM

The Australian dollar lost ground against its major counterparts during early Thursday in New York. The Aussie was lower versus the Euro ahead and amid the release of the German March PPI data. However, currently, the major Aussie pairs have been strengthening slightly. The Canada March CPI and the wholesale inventories for February are expected by the traders as of now, followed by the US March leading indicators and the Philadelphia Fed`s index for April later in the morning.

Against the U.S. currency, the Australian dollar showed a choppy trend during late Wednesday evening in New York. At about 8:05 pm ET, the pair started to weaken and continued its downtrend into the small morning hours on Thursday. The Aussie touched an early morning low of 0.8282 at about 2:45 am ET. The Aussie made some advances thereafter and it was worth 0.8332 against the Greenback as of 5:47 am Eastern Time.

In the late evening deals on Wednesday, the European currency moved sideways against its Australian counterpart. The pair gained momentum at about 8:05 pm ET but it shed a few pips within about an hour. The euro ticked higher again at about 10:00 pm ET and carried over its uptrend in the early deals on Thursday. The German March PPI data released during the session strengthened the euro further. The euro collected as much as 1.6389 at about 2:40 am ET but slipped slightly soon after. As of 5:47 am Eastern Time, a Euro fetched 1.6321 Aussie.

The British currency traded in a tight range versus the Australian dollar on late Wednesday evening, but by about 8:05 pm ET the pair spiked higher. However, at about 9:20 pm ET, the Pound dropped slightly but it strengthened again within a few minutes. Around midnight, the pair entered a range again that lasted until about 1:30 am ET Thursday. The Pound then steadied higher and fetched as high as 2.4143 after about an hour and then showed an uncertain trend. Currently the Pound has been moving slightly lower and traded at 2.4026 Aussie as of 5:47 am Eastern Time.

To the Canadian dollar, the Aussie was uncertain until about 8:05 pm ET Wednesday. The pair made a steep fall thereafter and edged further lower in the overnight deals on Thursday. At about 2:55 am ET, off 0.9351 the Aussie gained some momentum and it was quoted at 0.9383 Loonie as of 5:47 am Eastern Time.
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posted by Kalin Tasev @ 3:22 AM

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