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.
AUD/USD is unchanged this morning while the other major AUD crosses have moved only marginally from where they were this time yesterday. AUD/EUR is clinging to 0.61 on the wholesale market and AUD/GBP is holding in the 0.54’s.
The local share market yesterday made solid gains with the All Ords up 1.52%. Another positive finish this month would mean we’re in the midst of the best stock market rally since 2013 when the ASX made gains for 9 consecutive months between June 2012 and Feb 2013. Right now we’re on track for 6 consecutive months of gains which began in January.
A bit of data is out today, including Westpac Consumer Sentiment at 10.30am, followed by a speech from ECB President Draghi tonight and U.S CPI numbers. Westpac Consumer Sentiment doesn’t usually have a forecast and today is no different. The data recently has been exceptionally sporadic, choppy and unpredictable with consumers one month buoyant and the next month less so. ECB President Draghi’s speech has the potential to move AUD/EUR, while U.S CPI is the most important data release over the next 24 hours. U.S CPI is expected to come in around 0.2%, but any worse than this could see dovish comments from Fed Chairman Powell or betting for a rate cut in the U.S increase.
AUD EXCHANGE RATES:
AUD/USD – 0.6930
AUD/GBP – 0.5439
AUD/EUR – 0.6114
AUD/NZD – 1.0542
AUD/JPY – 75.248
All Ords (XAO) – 6,624
Gold – A$1,906/oz
Silver – A$21.19/oz
WTI – US$53.02/barrel
DATA RELEASES TODAY:
AUD – Westpac Consumer Sentiment at 10.30am
EUR – ECB President Draghi Speaks at 6.15pm
USD – CPI m/m at 10.30pm
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Senior Corporate FX Dealer
Phone Patrick – 0431 278 632
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