Aussie little changed in a quite Good Friday trade

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Friday, Mar 25 2016

There were no data releases from Australia this morning with banks being closed in observance of Good Fiday holiday. On the currency front, the rig count data likely boosted the Australian dollar, according to Stephen Innes, a senior foreign-exchange trader at Oanda. Because Australia relies heavily on its commodity exports, expectations of some relief from the long oil-price rout can sway the currency. The Australian dollar was fetching around $0.7517 Friday morning, up from as little as $0.7480 on Thursday.

That was despite the dollar remaining fairly strong on the back of renewed Fed rate hike expectations, with the dollar index remaining at the 96 handle.The dollar strengthened for a sixth day and gold held near a one-month low after a week of warnings from Federal Reserve officials that the next U.S. interest-rate increase may come as soon as April.

Aussie is currently being traded around 0.7520 area. Pair is likely to find support around 0.7450 handle and resistance above 0.7550 level. Later today, in the US session Final GDP figures are scheduled for a release.

Last modified on Friday, 25 March 2016

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