Dollar steady in quiet trade

 

dollar, mazeThe Australian dollar remains steady in the absence of any major economic news or data.

At 0700 AEST on Thursday, the local currency was trading at 92.35 US cents, down from 92.42 cents on Wednesday.

It’s been a quiet week for the currency which has traded within narrow ranges in the absence of any major influences on trade.

Construction figures on Wednesday failed to move the currency and capital expenditure figures to be released on Thursday could also fail to shift the Australian dollar from its ranges, National Australia Bank senior currency strategist Emma Lawson said.

“The Australian dollar did not budge on yesterday’s newsflow, nor may it today,” Lawson said.

“Market volatility remains very, very low. We are looking for a rise in macroeconomic data volatility.

“We get the next installment of the gross domestic product inputs today, with capital expenditure data.

“Another poor outcome is expected, with mining investment becoming less attractive as well as nearing the end of the investment phase.”

The Australian Bureau of Statistics will release capital expenditure figures for the March quarter at 1130 AEST on Thursday.

AAP

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