AUD/USD Performance Chart as at 3:30 a.m. Singapore time, 19/04/11

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HISTORICAL DETAILS 

% Change

1 Wk -0.29%

1 Month 6.76%

3 Months 4.72%

6 Months 5.83%

1 Year 12.00%

 

52 WEEK

High 1.0584

Low 0.8067

 

BLOOMBERG MEDIAN FORECASTS

Q2 2011 1.01

Q3 2011 1.01

Q4 2011 1.00

Q1 2011 0.98

 

DAILY DETAIL

The Although the aussie continues to hover near 29-year highs – despite as of yet being able to cross that threshold – today it has dropped back down to $1.0485, down 0.80% during the New York session. Investors have all been watching for a possible retreat in its value. The aussie ended its local session at $105.51-56 US cent, after reaching $1.0579 in late New York trade on Friday. [3] The latter figure was within a whisker of a 29-year peak high of $1.0585 struck on April 8, having gained 6% in the past month. Also weighing on the aussie was China's latest rise in banks' reserves requirements - the fourth time this year - to contain stubbornly high inflation. However, the tightening did not come as a surprise and had limited impact. Australia tends to be very sensitive to news from China, a major export market. Over the weekend China again raised the bank reserve requirement, which came on the back of a high CPI reading on Friday. The Australian dollar appears to have weathered the latest installment of Chinese tightening fairly well, opening the week above $1.0550. With the gold price looking likely to punch through $1490, the Aussie dollar starts the week with strong aspirations of hitting $1.06. Generally speaking, commodity prices have not shown any adverse effects to anticipation of further Chinese rate hikes, which is allowing the AUD to better absorb tightening moves by China than was previously the case. Paolo Palazzi-Xirinachs, Chicago

 

Notes: Source: [1] Bloomberg News (18 April 2011), [2] Reuters UK (18 April 2011), [3] Sydney Morning Herald (18 April 2011), [4] New York Times (18 April 2011). Chart data supplied by Bloomberg.