Wednesday, May 23, 2007

Australian Dollar Advances Against Majors Early Wednesday,Wednesday, May 23, 2007 5:31:10 AM

The Australian dollar made advances against the other major currencies during early Wednesday in New York. The Bank of England`s monetary policy meeting minutes for the month of May released at 4:30 am ET weakened the Aussie slightly versus the Pound, but it bounced back soon after. The Italian retail sales and the Euro-Zone industrial new orders for March which were also released during the session helped the Aussie to trade further higher against the Euro.

During the evening deals on Tuesday, the Australian dollar ticked higher versus the U.S. currency. At about 8:45 pm ET, the pair slid briefly but it gained momentum again around midnight. The Aussie carried over its uptrend into the very early deals on Wednesday and it was worth 0.8245 against the Greenback as of 5:30 am Eastern Time.

Against the Australian dollar, the Euro started trending lower at 4:50 pm Eastern Time Tuesday. The pair thus moved from 1.6428 to 1.6381 by about 9:45 pm ET. The euro then strengthened slightly, but the pair made a steep fall during the early hours on Wednesday. As of 5:30 am ET, a Euro fetched 1.6309 against the Aussie.

The British currency showed weakness against its Australian counterpart on late Tuesday in New York. At about 9:45 pm ET, the Pound gained a few pips but the pair lost ground after about an hour. The Pound extended its downtrend during the early deals on Wednesday. However, at about 4:30 am ET, following the release of the BoE minutes for May, the pair traded slightly higher but the gains were given back soon after. As of 5:30 am Eastern Time, a Pound traded at 2.4005 against the Aussie.

In the late hours on Tuesday, the Australian dollar made advances against the Canadian currency, but the pair slipped slightly by about 8:45 pm ET. However, the Aussie steadied higher again at about 11:25 pm ET and strengthened further during the early hours on Wednesday. As of 5:30 am Eastern Time, an Aussie was quoted at 0.8957 against the Loonie.
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