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
For latest pricing, ranges, visit www.bellpotter.com.au
To contact the editor, e-mail:
Most Popular Slideshows
- Prince William & Kate Middleton Caught Flirting In A Countryside Dinner Date [PHOTOS]
- Kate Middleton’s Mom Accused Of Being A Social Climber, Prince George Not Seen By Relatives
- Prince William & Kate Middleton Boards London Train in Casual Disguise, Royal Couple’s Incognito Plan A Huge Hit [PHOTOS]
- Angelina Jolie & Brad Pitt’s Top Secret Wedding Tramps Jennifer Aniston’s ‘Friends’ Reunion & Pregnancy Talks [PHOTOS]
Join the Conversation
- Europe, US Next on ISIS’ Hit List, Says Saudi King; Seized ISIS Laptop Reveals Terrifying Bio-Warfare Plans
- ISIS Will Target the U.S. Power Grid, Former CIA Says; Could Tap Other Fellow Extremist Groups to Do the Job
- Russia Massacres Ukrainian Volunteer Battalions—Surviving Members Alleged
- Teachers’ Strike in BC, Canada Stalls 1st Day of School; Labour Dispute Could Last Even After Labour Day
- Australia Races Against Potential Genocide In Iraq
- 5.5-Inch iPhone 6 is iPhone Air on Sept 19 Release Date: 5 Things to Consider Before Buying
- Pricey iPhone 6 on Release Date Likely but with 3X Retina Resolution & Mobile Payment Service – Reports
- Nexus 6 Release Date Update: Moto X+1 Look Leaked, Nexus X or Shamu Moved to Demo Phase
- Google Nexus 8 Confirmed as HTC T1 aka Volantis/Flounder with Freshly-Leaked Specs & Features – Reports
- iPhone 6 On Release Date To Feature Qualcomm MDM9625M LTE, 1GB RAM, Mobile Payment Deal With AMEX, 1334x750 Display
- HTC One M8 for Windows Vs. Nokia Lumia Icon, The Battle Of Windows Phones