Aussie Keeps Gains Ahead of Stevens’ Speech

  March 26th, 2013 at 2:00, Vladimir Vyun

Australian 100-dollar billThe Australian dollar was little changed today after yesterday’s gains as traders wait for the scheduled speech of Reserve Bank of Australia Governor Glen Stevens. Market participants hope that Stevens’ comments will hint on future monetary policy of the central bank.

Investors reduced their bets that the RBA will cut interest rates in the near future. The recent macroeconomic data, especially surprisingly good employment figures, does not push the central bank for an interest rate cut. Economists still believe that the RBA will slash rates over the next 12 months, but the favorable indicators will allow the bank to postpone the cut.

The Australian dollar rallied yesterday as the bailout for Cyprus spurred risk appetite among traders. Unlike many other currencies, the Aussie did not lose all its gains after the sentiment had gone sour and shows willingness to extend the rally during today’s session.

AUD/USD traded at 1.0455 as of 2:00 GMT today after rising from 1.0439 to 1.0463 yesterday. AUD/JPY went up a little from 98.51 to 98.65. At the same time, EUR/AUD ticked up to 1.2304 following the yesterday’s drop from 1.2395 to 1.2278.

If you have any questions, comments or opinions regarding the Australian Dollar, feel free to post them using the commentary form below.

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