Australian Dollar Outlook - 23 April 2013
By Christine Gaylican | April 23, 2013 9:57 AM EST
Bell FX Currency Outlook: The Australian Dollar is slightly lower this morning as traders remain cautious ahead of some Chinese manufacturing data due to be release today.
Australia: After falling as low as 102.35US cents early this morning, the AUD has regained a little ground as markets sit tight ahead of the Chinese economic data. Some weak numbers out of the US also weighed a little on the local currency overnight as did the initial fall in the US equity markets.
HSBC's preliminary manufacturing purchasing managers' index will be key for short-term direction, with any signs of an acceleration expansion likely to see the AUD push back up towards the 1.03 level.
There are no key data releases in Australia today; however we have March quarter CPI due tomorrow.
Majors: US equity markets have ended the session higher despite some weakness earlier on in the session. Investor optimism on earnings provided a boost to energy, materials and technology shares with strong performances in Apple and Microsoft.
The Chinese market was flat, with the earthquake in South- western Sichuan province on Saturday having a mixed impact. They are now awaiting manufacturing numbers on Tuesday as well as earnings from banks.
The USD was weaker against most of its counterparts after disappointing US housing data sparked concerns of a dwindling economic recovery. Existing-home sales decreased by 0.6% in March from a month earlier, below the 0.8% increase economist expected.
23 APR US New Home Sales
US House Price Index
EC PMI Manufacturing/Services/Composite
CH HSBC Flash Manufacturing PMI
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