Sydney - Dollar traded in a
tight range against most major peers with turnover below average as
traders held on to existing positions ahead of the Federal Open Markets
Committee two-day policy meeting starting today.
Volume was damped
by a looming
winter snowstorm in New York which spurred market participants to leave
work early on Monday.
The pound weakened slightly after the UK parliament
gave Prime Minister Theresa May permission to start Brexit talks,
paving the way for her to trigger the move in the last week of March.
Australia’s dollar fell after February business confidence declined
though losses were stemmed by a mixed set of Chinese economic data.
China’s cumulative retail sales for February missed estimates to fall
below 10% for the first time since 2003 while fixed-asset
investment and industrial output improved.
“While China retail sales disappointed the market consensus, the
overall picture including industrial production and fixed asset
investment, illustrates solid underlying momentum in early 2017,” said
Peter Dragicevich, an FX strategist at Nomura Singapore.
positive elements should help stabilize the Aussie dollar following the
modest dip earlier today."
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