Bell FX: The Australian Dollar has held up well overnight despite some USD strength

Bell Potter

Bell FX: The Australian Dollar has held up well overnight despite some USD strength. The AUD traded near USD0.9160 for most of the offshore session, having bounced off a low of USD0.9120 seen late here yesterday. A falling oil price helped equity markets overnight with both the European and US markets making gains. In currency markets the USD/JPY was the main mover, bouncing from 101.20 to nearly 102.00. Many market participants attributed the move to a reduction in safe haven demand for the JPY. USD held up well against most of its major counterparts including the EUR and the GBP. Spot Gold edged higher while Base metal prices were a mixed bag. Tonight we have a bit of US data being released including, US October building permits, November consumer confidence and the Richmond Fed manufacturing Index also for November. Today's Forecast Range USD: 0.9105 - 0.9195


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