Australian FOREX Daily Outlook 30/05/2006

MARKET SUMMARY –30MAY06 (05:00GMT)

• The Dollar was very quiet against the major currencies in the overnight session as both the US and the UK were on holidays due to the Memorial Day and the Bank holidays respectively. In other markets, the NYSE and NASDAQ were both closed as a result of the Memorial Day holiday. Crude oil was steady at USD$71.37 a barrel. Looking ahead, the US Conference Board consumer confidence is due out later today.
  

• The Euro traded in a range of 1.2737 to 1.2766, before closing at 1.2744 in the New York session. On the data front, the German forward-looking GfK consumer confidence report was positive, rising to 5.8% for June. The Money Supply/Public Sector Credit Growth is due out today.
  

• The Japanese yen traded in a range of 112.20 to 112.66 versus the dollar, before closing at 112.39 in the New York session. On the data front, the unemployment rate for April came in as expected, that is, 4.1%. Household spending was worse than the expected rate of -1.5%, coming in at -2.0%.
  

• The Sterling traded in a range of 1.8570 to 1.8641, before closing at 1.8590 in the New York session. On the data front, Net mortgage lending/mortgage approvals and GfK consumer confidence numbers are out tomorrow.
  

• The Aussie traded in a range of 0.7580 to 0.7595, before closing at 0.7590 in the New York session. On the data front, retail sales impressed rising to 1.4% from an estimated 0.3%.

• Gold moved lower to US$647.77 an ounce, a drop of $3.23.