Aussie hits 76 cents overnight

The Australian dollar opened this morning trading flat below 0.7600 cents after reaching 0.7614 overnight. Once again the local unit was tied to a small trading band, with price movements restricted to between 0.7570 and 0.7614 since yesterday morning.
On the cross rates, the AUD managed to gain ground on most of the major currencies with the exception of the kiwi. Strong GDP figures from across the Tasman provided short-term support to the NZD sending it back below 1.10. The AUD/ GBP also managed to hit 0.4300 overnight for the first time in 6 weeks.
Gradual AUD recovery on the back of commodity prices, with overnight fluctuations kept to a minimum, has been the theme in the currency market this week. This trend continued as concerns over oil supply pushed the oil price up to over US66.50 a barrel.
In other news, US GDP figures that were released overnight failed to spur the market, as the annual rate of growth of 3.3% came in very close to most market expectations.
Today the ABS will release Australian Retail Sales figures. For the past 9 months, these figures have been steadily declining. This month estimates of growth between 0 and 0.3% should once again confirm the current slowdown in the retail sector.
Looking ahead to next week, Monday should be quieter on the local market with the Labour day holiday in NSW. Australian Trade Balance figures are due Tuesday while few surprises are expected  next Wednesday when the RBA should announce no change to official interest rates at 5.50%.