Australian Dollar See's High

 
As the Markets open on Monday Morning for another week of busy trading, the Australian Dollar is slightly down from the highs of last week’s rally. With relatively strong data coming out of the USA on Friday following the University of Michigan Index figures.

Based on the better crop of US data we've seen over the past week, the reduced likelihood of full-blown QE3 (quantitative easing) is supporting the US dollar, and that's causing the Australian dollar to retreat a little bit. 

Whilst the Australian Dollar is slightly down, this has not affected the rate so much that it has dropped completely off, we have only lost about 10-20 pips. The dollar has been fairly subdued due to the lack of local data and a quiet weekend market.

However, it is not all doom and gloom, the release on tomorrow of minutes from the Reserve Bank of Australia's August 7 meeting could mean a lot of movement in the markets and therefore benefit the Aussie Dollar. 

Pound To Australian Dollar - 1.5030
Euro to Australian Dollar - 1.1805
US Dollar to Australian Dollar - 0.9570

Bye For Now

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