Australian Dollar: The Aussie dollar drifted lower in Asia yesterday pulling back from its opening levels near 90 cents before finding some support around 0.8950. The move came despite an increase in confidence within the business community as measured by the NAB Business Confidence index with investors instead focusing on news that the IMF will sell some of its gold reserves. Better than expected U.S economic data improved sentiment in offshore trade taking the Aussie back above 90 cents ahead of the much anticipated half yearly parliamentary hearing where RBA governor Stevens addresses the house of representatives. In his address it is expected that the central bank head will deliver an upbeat assessment of the local economy however there is some risk any bullish comments will be balanced by concerns over Europe and a potential slowdown in China throughout 2010.
- I expect a range today in the AUD/USD rate of 0.8965 to 0.9050
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