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Better than expected Aust. Trade Balance does not slow down resurgent USD in Asia

Written by Sam Coxhead on July 5th, 2011.      0 comments

11:40 (AEST) The Australian Trdae Balance has been released atv 2.33Billion vs an expectation of 1.91Billion, but after a brief rally the AUD has again come under pressure as the US dollar sees a resurgenmce in the Asian timezone.

The NZD is now down over 45pts from its highs set around the release of the NZIER QSBO earlier this morning.

Rumours sparked by an article in the China daily suggesting that the Chinese Authorities would once again raise the RRR this weekend in a further attempy to slow their economy and quell the inflationary pressures.

This coupled with a widely held expectation that the Reserve Bank of Australia will keep the cash rate unchanged at 4.75% for the remainder of 2011, isd maintaining the sell side bias for the AUD.

          Past 24 hours
  Current level Pre- AU Trade Bal  % Chge since AU Trade Bal   Low  High
NZD/USD 0.8280 0.8292 -0.14%   0.8277 0.8330
AUD/USD 1.0699 1.0717 -0.17%   1.0703 1.0767
NZD/AUD 0.7737 0.7736 0.01%   0.7705 0.7758
AUD/NZD 1.2925 1.2927 -0.01%   1.2890 1.2979
NZD/GBP 0.5160 0.5160 0.00%   0.5142 0.5175
NZD/EUR 0.5715 0.5713 0.03%   0.5691 0.5725
NZD/YEN 67.13 67.17 -0.06%   66.83 67.25
NZD/CAD 0.7963 0.7966 -0.04%   0.7952 0.8003