- RBA raises GDP and inflation forecasts for 2011
- Much of Asia still closed for Chinese New Year
- Nikkei gains over 1%, Gold $1352/oz, Oil $90.90/bbl
- BoE losing credibility in inflation fight- Barker
- Fed’s Kocherlakota still cautious on economic prospects
The AUD was the main mover today, moving half a cent higher after another bullish outlook from the RBA raised the prospect of a sonner-rather-than-later interest rate rise. AUD/USD had been trading at 1.0145 before the policy statement but strong buying by a UK clearer after the announcement saw the pair take out stops before pulling up just before 1.0200. Ranges: AUD/USD 1.0141/95
The other majors have had very quiet sessions with the EUR/USD trading a 22 pip range between 1.3620/42 with traders unwilling to put on much risk ahead of tonight’s NFP.
Cable 1.6132/50, USD/JPY 81.50/70
Have a great weekend and good luck to those playing the nfp lottery tonight.
