Please note that the commentary below is factual information provided to a group of readers as a web blog, and where an opinion is expressed by the author, it is GENERAL ADVICE only.
The Aussie Dollar finished the overnight session mixed: AUD/GBP fell, AUD/EUR was flat while AUD/USD & AUD/JPY clawed higher albeit only by around 15-20 points. The lower volatility and generally more positive investor sentiment over the past week has been the major catalyst for the AUD’s gains vs. the USD and JPY. U.S and European equities also opened the week mixed with the U.S Dow and German Dax making modest gains, while the S&P500 and the Euro Stoxx 50 were mostly flat.
Home Loans Data:
Local home loans data released yesterday morning showed some signs of life jumping 5.1% in July, however the gains were off quite a low base and were likely driven more by the election of Scott Morrison in May. Looking at the monthly figure versus this time last year and the decline is around 12% – so still a lot of work to be done to get buyers back and interested in the housing market, which remains weak.
A bit of Chinese data due this morning along with NAB Business Confidence at 11.30am. No forecast is given for the business confidence reading however the trend has been positive since June. The Chinese data is expected to show further signs of slowing growth.
AUD EXCHANGE RATES:
AUD/USD – 0.6833
AUD/GBP – 0.5528
AUD/EUR – 0.6180
AUD/NZD – 1.0648
AUD/JPY – 73.271
All Ords (XAO) – 6,760
Gold – A$2,183/oz
Silver – A$26.18/oz
WTI – US$58.04/barrel
DATA RELEASES TODAY:
AUD – NAB Business Confidence at 11.30am
CNY – CPI & PPI y/y at 11.30am
Sign up for a Compass account today and access some of the most competitive rates in the business and arguably the best service.
Senior Corporate FX Dealer
Phone Patrick – 0431 278 632
DISCLOSURE AND DISCLAIMER – GENERAL ADVICE WARNING
The information provided in this report has been prepared without taking into account your particular objectives, financial situation or needs. You should consider whether our products are appropriate for you and read the FSG and PDS which are available on this website.
This report and must not be copied, either in whole or in part, or distributed to any other person.
All references to prices, amounts and currency are in Australian dollars unless otherwise noted.
This report is provided for Australian residents only and is not intended for use by residents of any other country.