ClearFX Daily Commentary - 04/05/2011

ClearFX Daily Commentary - 04/05/2011

Australian Dollar: As expected the Reserve Bank of Australia left the benchmark interest rate unchanged for a fifth straight month at a rate of 4.75% yesterday. Despite a mildly hawkish streak emerging with RBA Governor Glenn Stevens suggesting overall growth “to be at trend or higher”, the Aussie dollar fell throughout the local and offshore sessions as risk-aversion struck the market. After opening at a rate of 1.0943, the local currency traded as low as 1.0837. Following on from a choppy day of trading the Australian dollar lost just short of a full US cent and we open this morning buying 1.0825 US Cents.

We expect a range today of 1.0760 to 1.0860

New Zealand Dollar: The New Zealand dollar fell yesterday as investors retreated into safer assets dumping high yielding currencies across the board. With the Greenback strengthening slightly, the Kiwi was dragged lower breaking through the 0.8000 cents support level. In what proved an ordinary day of trading for the Kiwi yesterday, the market looks ahead to tomorrows official Unemployment figures as well as comments from RBNZ Governor Allan Bollard when addresses a local gathering tomorrow.

We expect a range today of 0.7940 to 0.8030

Great British Pound: As British workers returned to work yesterday following an extended break the Great British Pound opens this morning at a rate of 1.6487 against the Greenback. While the Sterling drifted lower during intraday trade, further falls were recorded overnight as we saw Britain’s Manufacturing PMI for April disappointing the market with a drop to 54.6 points against an expected figure of 57.1 points. Such soft figures saw the pound trade as low as 1.6463 overnight. Meanwhile the Pound opens lower also against the Australian Dollar at a rate of 1.5177 and is steady against the NZ Dollar at 2.0644.

We expect a range today of 1.5140 to 1.5320

Majors: Investors sold riskier assets overnight as they assessed the potential impact of Osama bin Laden’s death on May 1st with ongoing fears of retaliation. In the US a report released overnight showed orders placed with U.S. factories rose 3 percent in March with such results beating expectations and thus supporting the recent wave of USD buying. Meanwhile the EURO also opens this morning relatively unchanged at a rate of 1.4824. After initially tracking lower off the back of falls in equity markets it ended up recouping its loses supported by a European Producer-Price Inflationary Report which surpassed expectations on the upside. The USD is up marginally against the Japanese Yen and is currently changing hands at 80.95.

Data releases

AUD: HIA New Home Sales m/m

NZD: Building Consents

JPY: Bank Holiday

GBP: Construction PMI; Prelim and Final Mortgage Approvals

EUR: EuroZone Retail Sales

USD: ADP Non Farm Employment change; ISM Non Manufacturing PMI; FOMC Member Fisher speaks

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