The Australian dollar is in a holding pattern as traders wait to hear from Donald Trump

Photo: Mark Wallheiser/Getty Images

It was a quiet session for the Australian dollar overnight, largely range trading after rallying modestly in Asia.

Markets appear to be waiting for a press conference from US president-elect Donald Trump that will arrive later in Wednesday’s session, largely overlooking a surge in bulk commodity prices in China over the past 24 hours.

Here’s the scoreboard as at 7.50am AEDT.

  • AUD/USD 0.7368 , 0.0016 , 0.22%
  • AUD/JPY 85.19 , -0.09 , -0.11%
  • AUD/CNH 5.0895 , 0.0336 , 0.66%
  • AUD/EUR 0.6973 , 0.0022 , 0.32%
  • AUD/GBP 0.6055 , 0.0012 , 0.20%
  • AUD/NZD 1.0535 , 0.0061 , 0.58%

And here’s the 5-minute tick chart of the AUD/USD.

AUD/USD 5-Minute Chart

With little in the way of major economic data arriving in the Asian session on Wednesday, market attention will be on Donald Trump’s first scheduled press conference as US president-elect that will arrive in the early hours of Thursday morning in Australia, says Ray Attrill, global co-head of FX strategy at the National Australia Bank.

“With markets showing increased signs of nervousness ahead of President-elect Trump’s inauguration next Friday, his first formal press conference since his election victory will be a key focus for markets today,” he wrote in his morning note.

“This is currently slated for 11:00am New York time (3am AEDT Thursday morning) so should be done and dusted by the time we enter the fray tomorrow.”

In particular, Attrill suggests markets will be interested in what he has to say regarding the Russian pre-election hacking scandal and how he intends to deal with his various business interest during his tenure as president.

Outside of that event, New York Fed president Bill Dudley will also speak from 5.20am AEDT on Thursday morning.

Elsewhere the data calendar is sparse, likely ensuring that movements in the Japanese yen and Chinese yuan — often influential on the US dollar during Asia trade — will be influential on the Australian dollar today.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.