USD Trading Outlook (09-05-2014)
The Australian Dollar (AUD): AUD consolidated the gains inspired by another strong OZ jobs data and also a better than f/c China trade data. The pair held within the 0.9370-95 zone. However, bigger impact on AUD was felt vs the EUR on Draghi’s comments. EUR/AUD sat near 1.4870 into ECB rate decision and shot briefly above 1.4900 in the early comments. His tip to the GC being comfortable taking action “next time” sent the pair spiralling lower. RBA’s SOMP will be due at 01:30GMT, indication of an improving economy would help the AUD.
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