FXCM market analyst David de Ferranti expects the Australian dollar to gain ground this week because expectations are low for June quarter data. "Second quarter GDP (gross domestic product) figures will also likely provide the currency with some guidance," he said. "Quarter-on-quarter growth expectations are set relatively low.
Since then, the Aussie dollar has traded in a tight range between US93. 19c and US93. 42c, as traders wait for the release of building approvals data on Tuesday, economic growth numbers for the June quarter on Wednesday and retail spending and international trade figures on Thursday.
Tensions in eastern Europe will also be on the radar for markets, but is unlikely to move the Australian dollar unless there are major developments, Mr de Ferranti said. "At this stage, it would take a significant escalation and greater international response to cause the required panic amongst traders to leave a dent in the Australian dollar," he said.
Read more here: Business Spectator