The Australian dollar remains under pressure

Jeff J Mitchell/Getty Images

The Australian dollar continued to weaken overnight, both against the US dollar and the major crosses.

Here’s the scoreboard as at 7.45am AEDT.

  • AUD/USD 0.7628 , -0.0048 , -0.63%
  • AUD/JPY 84.63 , -0.67 , -0.79%
  • AUD/CNH 5.2393 , -0.0275 , -0.52%
  • AUD/EUR 0.7071 , -0.0036 , -0.51%
  • AUD/GBP 0.6091 , -0.0055 , -0.89%
  • AUD/NZD 1.0851 , -0.0039 , -0.36%

As for the reason behind the weakness in the Aussie dollar, there was none, said Rodrigo Catril, currency strategist at the National Australia Bank.

“The currency fell about 40 pips and it has stayed around that level for most of the night,” he said.

“The move was not triggered by any specific news and, unlike yesterday, commodities had a reasonable night with iron ore up 1.6%, aluminium 0.5% and copper 0.3%.”

As seen in the hourly chart below, the AUD/USD briefly slumped to as low as .7623 — the lowest level seen since March 16.

AUD/USD Hourly Chart

Turning to Friday trade in Asia, it looks set to be an almost carbon copy of Thursday — there is nothing of significance on the economic calendar as markets await the outcome of the US House of Representatives vote on the healthcare bill to repeal Obamacare.

The vote, originally scheduled for Thursday US time, was delayed for a further day due to House Republicans not having the necessary numbers required to pass the bill.

Japan’s “flash” manufacturing PMI report for March is the only release of significance across the region, with no data scheduled in Australia.

Later in the session, markets will receive manufacturing and services PMI reports from the eurozone, Canadian CPI along with building permits, durable goods orders and manufacturing PMI from the US.

On the US Fed front, Robert Kaplan will speak at 10am AEDT with Charles Evans, James Bullard and Bill Dudley of the New York Fed scheduled to appear later in the session.

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