Everyone known Australia useddollars.The dollar closed slightly lower as traders sat on the sidelines ahead of US grossdomestic product (GDP) data and a speech by US Federal Reserve chairman Ben Bernanke to global central bankers in the United States .
At 5pm (AEST), the local unit was trading at $US0.8869/71, slightly down from yesterday's close of $US0.8875/79.Since 7am (AEST), the local currency traded between $US0.8846 and $US0.8878.CMC markets foreign exchange dealer Tim Waterer said the dollar has made up some ground against the US dollar after opening lower in the local day session."In terms of the Aussie against the US today, it's creeping higher, essentially it hasn't deviated to far from that 88.50 (US cents) level, much of the day," he said.In recent weeks there has been a string of weak economic data from the US, raising fears the American economy may be falling into a double dip recession. This could spark action from the US central bank to put more stimulus into the economy."Whatever comes out in terms of that GDP number, you could expect there's going to be some erratic trading in the US dollar."If the market were to see a print of say two per cent GDP (growth), which would be above market expectations, we could see some rallying in the US dollar."The Aussie could benefit as a result of that as well, from a global growth viewpoint.Mr Waterer said traders would be keenly noting Dr Bernanke's tone later this evening, whether he was going to be more dovish than he had been previously about whether monetary policy would be eased further.
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http://www.news.com.au/business/markets
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