Australian dollar range bound

07 May, 2004

The Australian dollar tracked a familiar range on Thursday as investors stay neutral ahead of central bank comment and US employment numbers.
Friday's quarterly statement on monetary policy will be the Reserve Bank of Australia's first comment since it left rates unchanged for a fifth month at 5.25 percent this week.
A Reuters poll of 13 economists taken after the rate decision showed eight expected a rate hike by the end of September.
The poll gave a median 60 percent chance of a tightening in the next four months.
Global markets await US jobs data for April. A Reuters consensus forecast put April's payrolls increase at 173,000 versus the previous month's 308,000, and analysts said a very strong number was needed to boost the greenback.
"It will continue to be the major US economic release of import for foreign exchange markets," said Craig Ferguson, senior currency strategist at ANZ Banking Group.
The greenback eased broadly overnight, only partly recouping the gains during Asian trade on Thursday.

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