More Sites

$A trading in narrow range

Reported by AAP
Thursday, July 17, 2014
World's kookiest billionairesBillionaires and their eccentric and outlandish publicity stunts.

The Australian dollar is trading in a narrow range with little domestic economic news or data to drive it.

At 1200 AEST on Thursday, the local currency was trading at 93.62 US cents, up from 93.42 cents on Wednesday.

The Australian dollar has traded between 93.53 and 93.72 US cents on Thursday after making a modest recovery from falls on Wednesday.

Westpac chief currency strategist Robert Rennie said the Australian dollar remained in recovery mode despite the modest gains.

"Part of the story is the ongoing weakness in the Kiwi (dollar) that continues to weigh on the Aussie (dollar)," he said.

"I think this 93.50 to 94.50 US cent trading range for the Aussie dollar is set to continue next week."

Mr Rennie said traders would be watching the release of inflation figures and an address by Reserve Bank of Australia governor Glenn Stevens next week.

Wednesday's decline in the Australian dollar came despite positive growth figures out of China.

China's economic growth hit 7.5 per cent year-on-year in the last quarter, better than the 7.4 per cent economists were expecting.

Meanwhile, Australian bond futures prices were higher.

The September 2014 10-year bond futures contract was trading at 96.600 (implying a yield of 3.400 per cent), up from 96.575 (3.425 per cent) on Wednesday.

The September 2014 three-year bond futures contract was at 97.460 (2.540 per cent), up from 97.450 (2.550 per cent).

26/10/2014 15:23Sydney, Australia. 26 October,2014
advertisement