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Aussie dollar slips amid traders gearing up for volatile week

Xinhua, November 30, 2015 Adjust font size:

The Australian dollar slipped below 72 U.S. cents as traders geared up for a volatile week of economic data indicating the health of the local economy.

At 0700 AEDT on Monday, the local unit was trading at 71.95 U.S. cents, down from 72.30 U.S. cents at Friday's Asian close.

The Australian dollar is likely to fall further this week as traders see Tuesday's Reserve Bank of Australia board meeting to be a non-event after governor Glenn Stevens told the market to "chill out" at a recent speech.

Australia's official GDP figures, released on Wednesday, also have a downside risk with strategists anticipating figures below market consensus of 0.7 percent quarter on quarter.

"Business investment and government expenditure are expected to hold back the growth in GDP growth," CommSec chief currency strategist Richard Grace said, signalling last weeks weak CAPEX figures, down 9.2 percent for September.

At 0943, the Australian dollar was trading at 71.89 U.S. cents. Endit