Tuesday, May 22, 2007

Aussie Choppy Versus Canadian Dollar, Gains Ground Against Other Majors Early Tuesday, Tuesday, May 22, 2007 5:43:46 AM

The Australian currency showed choppy trading versus the Canadian dollar during the early hours on Tuesday in New York, but it gained ground against the rest of majors. The German and the Euro-Zone ZEW survey for the month of May as well as the Euro-Zone March trade balance data which were released at 5:00 am ET weakened the Aussie slightly versus the Euro.

The Australian dollar trended lower versus the U.S. currency on late Monday. After hitting a low of 0.8199 at 9:55 pm ET, the pair moved sideways but by about 1:25 am ET Tuesday it bounced back most of its losses. The Aussie collected as much as 0.8233 by about 3:55 am ET. Lately the pair is moving slightly lower and as of 5:42 am Eastern Time, an Aussie was worth 0.8214 against the Greenback.

During the afternoon deals on Monday, the European currency ticked down against its Australian counterpart. At about 3:05 pm ET, the euro advanced slightly and then moved sideways. The pair extended the same trend during the late hours. However, in the very early deals on Tuesday, the euro made a steep fall and touched an early morning low of 1.6355 at 3:50 am ET. Soon after, ahead of the release of the European economic data, the pair strengthened slightly and steadied further higher amid the release. As of 5:42 am Eastern Time, a Euro fetched 1.6379 against the Aussie.

Against the Australian dollar, the British Pound showed strength on late Monday in New York. The Pound slid briefly by about 10:00 pm ET and entered a tight range thereafter. At about 1:15 am ET Tuesday, the Pound started to weaken and hit a low of 2.3965 after about a couple of hours. The pair then traded slightly higher and as of 5:42 am Eastern Time, a Pound traded at 2.4006 against the Aussie.

The Australian currency lost ground versus the Canadian dollar in the late hours on Monday. However, the pair gained a few pips by about 10:00 pm ET but it showed a choppy trend within about an hour. The Aussie extended the same trend until the pair made another brief spike higher at 2:35 am ET Tuesday. However, the gains were given back within a few minutes and showed a choppy trend again. As of 5:42 am Eastern Time, an Aussie was quoted at 0.8912 against the Loonie.
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