Dollar trades within narrow range
The Australian dollar is higher after trading in a narrow range, with American markets closed for the Thanksgiving holiday.
The Australian dollar was trading at $US1.0398, up from $US1.0384 yesterday.
It has traded between $US1.0376 and $US1.0399.
RBC Capital Markets currency strategist Michael Turner said that with the US on holiday for Thanksgiving, little had happened in global or local markets, keeping the local currency trading in a tight range.
‘‘It’s been a very quiet session,’’ he said.
‘‘The Aussie dollar’s been modestly supported, and it’s just below $US1.04.
‘‘When there’s a lack of bad news, the Aussie just seems to creep higher, and that’s what’s happened today.’’
The focus will return to Europe next week, with EU finance ministers meeting on Monday to hammer out a deal on Greek debt.
‘‘They should find some solution for Greece, which should keep our currency in strong territory,’’ Mr Turner said.
‘‘Locally, we have capex (capital expenditure) data next week, then all eyes will turn to the RBA (Reserve Bank of Australia), and their decision on rates.’’
The RBA left the cash rate unchanged at its last meeting on November 6, and will meet again on December 4 for their last board gathering until February 2013.