Aussie dollar expected to weigh against greenback in busy week

GMT 06:27 2016 Tuesday ,26 April

Arab Today, arab today Aussie dollar expected to weigh against greenback in busy week

The Australian dollar
Sydney - XINHUA

The Australian dollar slipped on falls in oil and a recovering US dollar overnight as traders eye key local data and central bank meetings this week.

At the Asian open on Tuesday, the Australian dollar was trading at 77.15 U.S. cents, down from 77.50 U.S. cents at Monday's close.

Though the unit fell in the offshore session as a risk-adverse tone re-entered the market, the Australian dollar is little changed over the "quiet" 24 hour period as the local equity market was closed for the Anzac Day public holiday.

However, the Australian dollar is expected to ease in the short term as the U.S. dollar continues to rebound ahead of Thursday's (local time AEST) U.S. Federal Reserve rates meeting.

"We think the (Federal Open Market Committee) should dilute its concerns about the risks to the U.S. economy from global economic and financial developments... (which) may see participants prince in more of a chance of a Fed rate hike... supporting the U.S. dollar," Commonwealth Bank of Australia chief currency strategist Richard Grace said.

The local unit is also expected to come under pressure this week from local consumer inflation data, to be released Wednesday, as traders price in a potential Reserve Bank of Australia policy easing should it come below expectations, Grace said.

At 0948 local time (AEST), the Australian dollar was trading at 77.17 US. Cents.

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