AUD Falls Just Short

The AUD almost hit parity overnight printing 0.9994, however just failed to reach the mark after a week Euro session. Despite the bounce, the 1.0000 figure is not to far away with NAB forecasts predicting the AUD at 1.05 by mid 2011.

The US PPI rose 0.4% in September and is up 4%yoy, with the core PPI at 0.1% as expected, for 1.6%yoy. The US trade deficit also higher for August at $46.3bn, up from the median $44bn. The “prophet of doom” Nouriel Roubini, the economics professor at New York University who predicted the credit crisis stated that the US has a 35-40% chance of a double-dip recession.

There is no key data in Australia today, however tonight will see a busy schedule in the US. Ben Bernanke is giving a speech on “Monetary Policy Objectives and Tools in a low-Inflation Environment”, and will be closely watched by the market. September CPI and Retail Sales are also released, and the market will also note the Michigan Consumer Confidence. Europe will also see CPI and trade figures released.