The Australian dollar has settled down after a crazy week

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It was a quiet session of trade for Australian dollar overnight with the currency managing to cling onto most of its Asian session gains on the back of continued US dollar weakness.

While US Q1 GDP missed expectations overnight, most of the US dollar’s weakness came in the immediate aftermath of the Bank of Japan’s shock decision to leave monetary policy unchanged at the conclusion of its April meeting yesterday.

In response to the news — widely unexpected by markets — the Japanese yen soared against the US dollar, helping to strengthen other currencies, including the Aussie dollar.

As at 8am AEST, the AUD/USD currently buys .7627, up 0.53% on Thursday’s opening level. Overnight the currency operated within a relative narrow band between .7592 to .7658.

Looking ahead to Friday’s Asian trading session, while there are several data releases and events scheduled, none are likely to be overly market moving for the Aussie.

On the data front, Australian private sector credit figures, along with Q1 producer price inflation, will both be released at 11.30am AEST. That will be followed shortly after at 12.45pm by a speech from RBA assistant governor Guy Debelle titled “Developments in Global FX Markets and Challenges in Currency Internationalisation from an Australian perspective”.

Though they could surprise, particularly Debelle’s speech, at face value they don’t appear to be events that will generate significant levels of volatility.

Regionally the data calendar is sparse, suggesting movements in crude oil futures, along with the USD/JPY, will likely be influential on the Aussie during the session.

Here’s the current scoreboard.

  • AUD/USD 0.7627 , 0.0002 , 0.03%
  • AUD/JPY 82.46 , 0.05 , 0.06%
  • AUD/CNH 4.9453 , 0.0015 , 0.03%
  • AUD/EUR 0.6718 , 0.0003 , 0.04%
  • AUD/GBP 0.5220 , 0.0002 , 0.04%
  • AUD/NZD 1.0952 , 0.0011 , 0.10%

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