One possible trigger for the move was US trade data, which while showing a lower deficit than expected — which is normally bullish for the US dollar — also indicated muted consumer demand as the deficit was reduced largely on the back of a fall in imports.
Meanwhile, all eyes will turn to official unemployment data in Australia this morning, with any variation on expectations for the jobless rate to remain unchanged at 6 per cent potentially having a significant impact on the Australian dollar.
Alan has been a trusted source of investment advice to Australians for many years, and in 2005 he founded Eureka Report - Australia’s #1 online investment report.
There appeared little catalyst for the upward move overnight as eurozone data painted a dark picture for global growth and tensions between Russia and the West appeared to again escalate.
Analysts began to question whether the data hinted at softer growth in the back half of the year, which could see the US Federal Reserve hold off on rate rises a little longer than expected.
Read more here: Business Spectator