The Australian dollar has opened the new trading week just below the 77 cent level.
Here’s the early scoreboard as at 7.30am AEDT.
- AUD/USD 0.7692 , -0.0006 , -0.08%
- AUD/JPY 86.66 , 0.00 , 0.00%
- AUD/CNH 5.2966 , -0.0042 , -0.08%
- AUD/EUR 0.7164 , -0.0005 , -0.07%
- AUD/GBP 0.6205 , -0.0002 , -0.03%
- AUD/NZD 1.0957 , -0.0006 , -0.05%
After the release of a weak February jobs report on Thursday last week, something that initially pressured the Aussie lower, the currency has been well supported on any dip in recent trade courtesy of renewed weakness in the US dollar.
Elias Haddad, senior currency strategist at the Commonwealth Bank, expects that trend will likely continue this week.
“We anticipate AUD/USD to edge a bit higher this week on firm iron ore prices and a softer USD,” he wrote on Monday morning.
“We see scope for the USD to correct modestly lower this week because there are no policy-relevant US economic data release and more substance from the Trump administration’s fiscal stimulus roadmap is unlikely.
“This means US interest rate expectations will not adjust higher which will weigh on USD,” he says.
Turning to Monday trade in Asia, there are no major economic events or releases scheduled, likely ensuring that movements in the USD/JPY, US bond futures and Chinese commodity future will prove to be influential on the Aussie today.
There may be some passing interest in a speech from Luci Ellis, assistant governor at the RBA, who will speak before the Women in Economics Network in Canberra from 12.40pm AEDT. There is no title for the speech, and there will be a Q&A section following her official remarks.
Later in the session, there are no major events scheduled that appear likely to generate volatility in either the Aussie or currency markets in general.