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Thursday, 24 April 2014 - Market Commentary
Daily currency news provided by OzForex

The Australian dollar was sold off aggressively yesterday slipping well below the 93 US Cents mark after inflationary figures missed their mark, coming in below forecast. With prices rising by 0.6 percent during the first three months of this year, the market was expecting a rise of 0.8 percent as result the annualised Consumer Price Index now sits out 2.9 percent, still within the Central Banks target ban of 2 to 3 percent. Whilst lower price pressures have temporarily pushed back the expectation of future rates rises from the RBA, the Australian dollar received a further hit shortly after following the release of China’s Flash Manufacturing PMI which also missed its mark. Having dropped to an intraday low of 0.9266 when valued against its US Counterpart the Australian dollar is three-quarters of a cent lower this morning opening at a rate of 0.9288.
We expect a range today of 0.9250 -0.9310
The Great British Pound has fallen overnight after minutes showed The Bank of England voted unanimously to keep interest rates on hold and to maintain asset purchases at 375 billion. Whilst the Sterling fell to a low of 1.6761 when valued against its US Counterpart the broader economic outlook for Britain’s economy remains sound with recent survey’s pointing towards growth of 1 percent in both the first and second quarters of the year. Opening broadly lower this morning when valued against both the Greenback (1.6778) and the Kiwi (1.9493) the Sterling is stronger against the Aussie (1.8048).
We expect a range today of 1.8010 – 1.8080
The New Zealand dollar was initially lower yesterday slumping after a China Manufacturing gauge signalled economic weakness within the world’s second largest economy. Triggering a sell off down to an overnight low of 0.8564 when valued against its US Counterpart the Flash Manufacturing PMI read of 48.3 has activity sitting well below the expansion-contraction line of 50. In a decision just announced, one which surprised  very few, The Reserve Bank of New Zealand lifted the official cash from 2.75 percent to 3 percent.  Whilst the majority of investors had already priced such moves in to the market, the confirmation of tighter monetary policy has still been enough to play a generally supportive role for the Kiwi this morning. In what’s been a choppy 24 hour window the New Zealand is marginally stronger this morning as it currently buys 86.12 US Cents.
We expect a range today of 0.8570 – 0.8630
Whilst there has been a hint of risk aversion amid a failed Russian bond auction overnight the Greenback still remains subdued when valued against a basket of its major counterparts dragged slightly lower off the back of figures which showed the sale of new homes unexpectedly plunged in March, to the lowest level in eight months. In other happenings overnight European Flash PMI was positive at 53.1 versus the expected 52.7 whilst other PMI readings confirmed Germany as the flag bearer when compared to the disappointing numbers from France. With ECB President Mario Draghi set to speak this evening in Amsterdam investors will be doing their best to decipher comments related to the Central Banks next monetary policy move. Upon open this morning the Euro is stronger at 1.3815 whilst the Greenback is steady against the Yen at 102.489.
Data releases
No data today
NZD: Official Cash Rate, RBNZ Rate Statement
CSPI y/y
GBP: CBI Realised Sales

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