Wednesday, 21 January 2015

Forex - Australia dollar up slightly as ECB announcement remains focus

The Australian dollar held in positive territory on Thursday in seesaw early trade as investors looked ahead to a key European Central Bank meeting.

AUD/USD traded at 0.8089, up 0.04%, while USD/JPY traded at 118.10, up 0.11%. EUR/USD changed hands at 1.1599, down 0.09%.

In Australia, MI inflation expectations showed a weighted median view of 2.4%, compared to 2.6% in November, hinting that like dollar bloc nation Canada the global commodity slump is diminishing inflation concerns, while HIA new home sales for November are also due with the previous a gain of 3.0%.

Overnight, the dollar trimmed losses against the other major currencies on Wednesday, inching its way back toward recent 12-year highs as investors turned their attention to the European Central Bank's upcoming policy meeting on Thursday.

Earlier Wednesday, the U.S. Commerce Department said that the number of building permits issued last month decreased by 1.9% to 1.032 million units from November’s total of 1.052 million.
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