Trading Mid-Day Update (04/26)
During today’s Currency Call, Scott highlighted that the U.S. dollar index was moving significantly lower last Friday, failing to get to the 91.50 level as discussed. With the dollar weakness, look for trading opportunities in other currency pairs for now and wait for the U.S. market to see how the dollar index moves. Scott also highlighted that despite the recent short lockdown in Perth, Australia’s outlook is still looking favorable.
Jin highlighted that due to Australian and New Zealand banks observing ANZAC Day, market may be quieter during the Asian market session.
The Australian CPI data will be released this Wednesday at 0930 (SGT). With the higher forecast level of inflation, the Australian dollar may strengthen but the move may not be that strong as the RBA has highlighted previously that inflation level will have to be sustained at a high level before a big move may take place.
The FOMC meeting this Thursday at 0200 (SGT) may be non-eventful as the central bank may be taking up a wait and see approach.
During the day, AUD/USD and NZD/USD were little moved.
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