Currency Update: The AUD spent most of yesterday contained within a tight range, trading around USD 0.8900
Currency Update: The AUD spent most of yesterday contained within a tight range, trading around USD 0.8900. In Australia today we have the balance of payments being released alongside building approvals and the RBA March Meeting. The market is forecasting a deficit of AUD12.7bn, while building approvals are expected to remain volatile around a high annual rate. The market is expecting no change to the RBA cash rate. Gold was up by around 2% and USD and JPY were supported by safe haven demand. European and US equity markets declined sharply, led by a 12% decline in the Russian exchange. In the US, ISM manufacturing survey bounced back in February to 53.2 from 51.3 in January. While the European PMI Manufacturing was 0.2 pts higher to 53.2. In the UK the PMI Manufacturing printed in line with market expectations, increasing to 56.9 from 56.6 in January.
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