Aussie Declines To Pound, Gains Against Rest Of Majors; Early Thursday, Thursday, May 03, 2007 5:46:49 AM

The Australian dollar showed weakness against the Pound during early Thursday trading in New York, but it ticked up versus the rest of majors. The Aussie was higher to the Euro ahead and amid the release of the Euro-Zone PPI data for the month of March. The British April PMI services and the official reserves data released during the session strengthened the Aussie slightly against the Pound.

The traders are now looking for the preliminary details of the US non-farm productivity, unit labor cost for Q1 and the ISM non-manufacturing data for April. The Australian trade balance for March and the Reserve Bank of Australia`s quarterly monetary policy statement are slated for later in the day.

Against the U.S. dollar, the Australian currency showed choppy trading in the late hours on Wednesday. The pair extended the same trend into the overnight deals on Thursday, but by about 2:45 am ET it lost ground. Off 0.8231 the Aussie bounced back completely and steadied further higher. As of 5:45 am Eastern Time, an Aussie was worth 0.8253 against the Greenback.

On Wednesday evening in New York, the European currency traded in a loose range versus the Australian dollar. The euro started trending higher at about 7:00 pm ET, but the pair followed a sideways movement after about a couple of hours. The euro gained momentum again at about 1:45 am ET Thursday and collected as much as 1.6526 within a little longer than an hour. The pair then gave back most of its gains. The Euro-Zone March PPI data which was released during the session weakened the euro further. As of 5:45 am Eastern Time, a Euro fetched 1.6485 Aussie.

The British currency drifted higher against its Australian counterpart during late Wednesday evening in New York. However, the pair started showing an uncertainty at about 9:00 pm ET and extended the same trend until about 1:15 am ET Thursday. Soon after, the Pound spiked higher and fetched an early morning high of 2.4182 by about 3:20 am ET. The pair slipped slightly thereafter and as of 5:45 am Eastern Time, a Pound traded at 2.4135 Aussie.

At about 5:10 pm ET Wednesday, the Australian dollar fell sharply against the Canadian currency. However, the Aussie rebounded some of its losses within about an hour and then entered a range. The pair resumed the same trend into the very early deals on Thursday. However, at about 2:45 am ET, the Aussie slid briefly and hit a low of 0.9111 within a few minutes. The pair then ticked higher and has been strengthening further lately. As of 5:45 am Eastern Time, an Aussie was quoted at 0.9146 Loonie.

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