Poorer than anticipated Chinese CPI & local retails sales did little to ruin the AUD party with the Aussie barely faltering despite the less than enthusiastic data. In fact the AUD gained ground thanks to higher commodity prices and as the inauguration of President-elect Donald Trump nears. Trump will become the 45th U.S President on the 20th of January and is being touted as an infrastructure President who will boost infrastructure spending which in turn is tipped to aid the Australian economy and more specifically Aussie mining companies – hence the AUD rally. However as with anything we cannot predict the future and only time will tell whether Trump can/or even will follow through on his infrastructure promises. But certainly he has some big name hedge managers like Stan Druckenmiller and Carl Icahn who are ‘quite, quite optimistic’ about a Donald Trump presidency.
UK manufacturing production is due this evening but other than that its another thin day of economic announcements.
DATA RELEASES TODAY:
GBP – Manufacturing Production at 8.30pm
AUD EXCHANGE RATES:
AUD/USD – 0.7347
AUD/GBP – 0.6032
AUD/EUR – 0.6957
AUD/NZD – 1.0541
AUD/JPY – 85.268
***Above rates are indicative wholesale rates and intended as a guide only***
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Patrick Downes
Senior Corporate FX Dealer
Compass Markets
Phone Patrick – 0431 278 632
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