Currency Update: The Australian Dollar is little changed from Friday's levels after recent PMI data from China indicated modest expansion in their economy

Bell Potter
Bell Potter Stockbroker

Currency Update: The Australian Dollar is little changed from Friday's levels after recent PMI data from China indicated modest expansion in their economy. In the US on Friday the ISM index of factory orders in October rose to 56.4 from the earlier month's figure of 56.2 which is the highest since April of this year. The helped push the major equity indices up modestly and the USD continued to gain ground against the EUR. With very benign inflation figures out of the Eurozone last week some analysts believe there is scope for the ECB to further lower their cash rate of 0.50% when they meet this Thursday. We do not believe this will happen this month but it has pushed the EUR down and we have seen some improvement in the AUDEUR cross rate. Today's Forecast Range USD 0.9375 - 0.9475

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