$A in tight range due to US holiday

Reported by AAP
Friday, November 23, 2012

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The Australian dollar is virtually unchanged following a quiet overnight session.

At 0700 AEDT on Friday, the currency was trading at 103.87 US cents, slightly above its level of 103.84 US cents on Thursday afternoon.

Westpac New Zealand senior market strategist Imre Speizer said, with US markets closed due to the Thanksgiving holiday, the currency traded in a tight range of between 103.55 US cents and 103.94 US cents overnight.

"Last night, it didn't really do anything. It went down, it went up. But, unchanged was the net result," he said.

Mr Speizer said Friday was likely to be a quiet day on currency markets with no major economic data releases scheduled either in Australia or overseas and many US traders still on holiday.

"Even though the holiday was on Thursday, you will still get many people in the US taking Friday off as well so trading should be quiet in the US."

He said negotiations between US Democrats and Republicans trying to find a way to avoid the so called `fiscal cliff' of tax hikes and spending cuts due to apply in early 2013, would drive market sentiment next week.

28/07/2014 14:12Sydney, Australia. 28 July,2014
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