The Australian dollar continued on from yesterday’s RBA meeting with enough support to hit 89.67 US cents. Even with Governor Stevens labelling the dollar still “high by historical standards” it did little to temper the demand with a key weapon of further rate cuts seemingly now over with a period of on hold expected in the near term. Vladimir Putin also helped risk assets and the Australia dollar with comments that eased some tension, especially as troops that were training were pulled from close to the Ukraine border. The Australian dollar made its most significant gain against the Yen trading as high as 91.6 Yen, a 150 pip gain since early Monday morning.
The US dollar was not quite as impressive as the Aussie but still was able to put on 80 pips versus the Yen amid the easing tensions in Ukraine-Russia standoff but there is still much unrest in the Russian speaking regions. On an economic front it was a night void of key data outside of UK Construction PMI which remained well above 60 but missed estimates not helping the Pound which was sluggish and has slipped close to where it sat this time yesterday at 1.6659 USD.
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