Australian Dollar: A 0.5% rise in the December leading index report produced by Westpac had little influence on the Aussie dollar during yesterday’s local session as it remained range bound between 0.9000 and 0.9025 for the majority of the day. The theme continued throughout European exchange however volatility increased in North American trade following better than expected U.S economic data and a relatively hawkish tone to the FOMC minutes. Despite an initial jump towards 0.9035 the AUD declined rapidly to post an overnight low near 0.8975 and opens this morning hovering around the 90 cent handle.
- I expect a range today in the AUD/USD rate of 0.8950 to 0.9025
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