The Aussie opened weaker today (Tuesday) as the US currency gained on most major currencies. At 7am (AEDT), the Aussie was trading at US74.21¢, lower than Monday's close of US74.72¢. Overnight, the AUD reached a low of US74.13¢ and a high of US74.75¢. There is a lack of economic indicators this week so the US dollar gained from a delayed reaction to the non-farm payrolls released last Friday. The RBA meets today for the first time in 2006 where the market sentiment is that the Australian interest rates will be kept constant at 5.5 per cent. The data releases expected today are: NAB quarterly business survey and D&B January business expectations survey.
The key point this week is the employment report for January due on Thursday, which is expected to show a rise of 10,000 in employment and an unchanged unemployment rate of 5.1 per cent, said NAB.
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