Daily Forecast

Daily Forecast - 18/11/2009

18 Nov, 2009 @ 04:25 pm ET | written by OzForex

OzForex Daily Commentary - 19/11/2009

:: Australian Dollar: Third quarter Wage Cost Index data came in right on expectations increasing by 0.7% for the quarter and 3.6% on an annualised basis keeping the Aussie between 0.9290 and 0.9320 during morning trade. A story on Bloomberg quoting Chinese Central Bank adviser Fan Gang, who also heads the National Institute of Economic Research, as saying "double digit" growth in China would not be good as it poses a risk of promoting a property and commodity market bubble put a dampener on the AUD. With Chinese economic growth so important to the Australian export sector and the economy in general the story prompted some nervous investors to sell down the AUD/USD which fell to an eventual low of 0.9265 in Asian afternoon trade. In o ffshore exchange however it rallied back above the 93 cent handle maintaining its recent range to open this morning hovering around these same levels.

- We expect a range today in the AUD/USD rate of 0.9250 to 0.9330