While most major currencies have kicked off the week trading relatively stable, the Australian Dollar has deviated from this pattern, with the commodity currency initially weighed down by political risk resulting from the latest national election in which the results are still unclear.

Certainly the risk of a hung parliament would not bode well for Aussie dollar and the longer it takes to clear things up, the more at risk the currency will be. However, most traders feel confident that clarity will be offered shortly which in the end could give the Aussie a boost into European trade.

Meanwhile, the overall picture remains on the bearish side for currencies and bullish for the US Dollar rate, with broader global macro concerns, and the technical outlook suggesting that the Greenback could be poised for more gains. Friday’s dovish comments from ECB Weber caught the markets off guard and helped to accelerate Euro declines to 5-week lows against the buck before finally finding some support in the mid-1.2600’s into the close.

Looking ahead, Swiss money supply is due at 7:00GMT followed by German PMI manufacturing (60.5 expected) and services (56.3 expected) at 7:30GMT. Eurozone PMI manufacturing (56.1 expected) and services (55.4 expected) are then out at 8:00GMT, with Eurozone consumer confidence (-14 expected) out later in the day at 14:00GMT.

For the full story please visit www.dailyfx.com

 

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