One of the reasons for the choppiness today is because of a fairly steady stream of comments coming out of the euro zone on the currency,
The overall case for Australian dollar weakness is still in place with a steady interest rate outlook in Australia and a diminishing interest rate spread against the U.S..
Interest-rate support for the Australian dollar will lessen quite substantially as the year progresses. We see a steady outlook from the Reserve Bank of Australia and a higher Fed rate.