AUD/USD Stable Between 0.90 And 0.93
Stuart McPhee | Jul 19, 2013 01:19AM ET
The Australian dollar is set to complete its first weekly gain since mid-June before an inflation report next week that is likely to influence the Reserve Bank’s interest-rate decision in August.
Australia’s long-term bond yields fell this week after Federal Reserve Chairman Ben S. Bernanke signaled no imminent exit from monetary stimulus in the U.S. New Zealand’s currency is set for back-to-back weekly gains after Chinese Premier Li Keqiang said his nation will seek to keep economic growth within limits and to avoid “wide fluctuations”.
“The fears around tapering and the Chinese growth story have both settled down to provide the Aussie with a bit of a platform,” said Darryl Conroy, an analyst at Suncorp Bank in Brisbane. If Australia’s inflation data “comes out particularly weak, the chances of a rate cut increase pretty dramatically, and if it’s a benign figure the RBA can sit back and wait a little longer.”
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