Currency Update: The AUD traded in a fairly tight range after the release of some better than expected figures from the US economy although consumer confidence...

Currency Update: The AUD traded in a fairly tight range after the release of some better than expected figures from the US economy although consumer confidence took an unexpected dip. Equity markets continued to be firm especially in the US where earnings results from Microsoft and Amazon exceeded expectations. The S&P 500 hit another record high as gold was slightly higher as well. In general, expectations are increasing that the US Federal Reserve will delay any tapering of security purchases well into 2014 now as the strength of the economic recovery is uncertain. Locally, most analysts have ruled out any decrease in the cash rate locally when the RBA meets next Tuesday as general confidence seems to building some of which is related to the steady increase in house prices in most of the major Australian cities.