Aussie Slightly Higher Against Majors Early Tuesday, Tuesday, April 24, 2007 5:40:49 AM
Following the release of the Australian Q1 Consumer price index data at 9:30 pm ET Monday, the Australian dollar fell sharply against its major counterparts. Around midnight, the major Aussie pairs followed a sideways movement and extended the same trend until about 1:30 am ET Tuesday. Soon after, the Aussie lost ground further but by about 2:30 am ET, the major Aussie pairs bounced back some of its losses. The Italian February retail sales and the Euro-Zone industrial new orders data released during the session is likely to have an effect on trading in the Aussie versus the Euro.The Bank of Canada rate decision, the British CBI industrial trends- total orders data for April and the US April Richmond Feb manufacturing index, consumer confidence data and the existing home sales for March are scheduled for later in the morning.
In the late evening hours on Monday, the Australian dollar showed choppy trading against its U.S. counterpart. At about 9:30 pm ET, following the release of the Australian Consumer price index for Q1, the Aussie trended lower. The pair showed a choppy trend again within about an hour, but by about 1:30 am ET Tuesday the Aussie edged further lower. After touching an early morning low of 0.8233 by about 2:30 am ET, the pair made some advances. As of 5:39 am Eastern Time, an Aussie was worth 0.8252 against the Greenback.
To the Aussie, the European currency traded in a range until the Australian Q1 Consumer price index data was released on late Monday. Amid the release, the euro made a sharp spike higher but entered a range again around midnight. However, at about 1:30 am ET Tuesday, the euro traded further higher and collected as much as 1.6465 within about an hour. Soon after, the pair gave back some of its gains and as of 5:39 am Eastern Time, a Euro fetched 1.6437 Aussie.
During late Monday, the British currency moved sideways against the Australian dollar and this was ahead of the release of the Australian Consumer price index for Q1. However, following the release, the Pound made advances but by about 10:20 pm ET the pair followed a sideways movement again. However, at about 1:30 am ET Tuesday, the Pound strengthened further and hit a high of 2.4243 within about an hour. The pair dropped slightly thereafter and as of 5:39 am Eastern Time, a Pound traded at 2.4207 Aussie.
Against the Loonie, the Aussie traded slightly higher in the late evening deals on Monday in New York. After collecting as much as 0.9357 by about 8:05 pm ET, the pair showed an uncertain trend. However, the Australian Q1 CPI data released at 9:30 pm ET weakened the Aussie heavily but the pair showed an uncertainty within about an hour. The Loonie ticked down again at about 1:30 am ET Tuesday and hit a low of 0.9233 by about 2:30 am ET. The pair then gained some momentum and as of 5:39 am Eastern Time, an Aussie was quoted at 0.9247 Loonie.
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posted by Kalin Tasev @ 3:07 AM
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