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.
Steady As She Goes:
The Aussie Dollar remains more or less unchanged since my last market update on Wednesday morning. Unfortunately, yesterday morning was far too hectic to deliver an update, but to be honest, their really wasn’t much to write about anyway. AUD/USD seems to have found some consolidation in the mid 0.68’s over the past week, while AUD/EUR has traded between 0.6300 and 0.5950 since early May and is almost smack bang in the middle of that range as we speak.
U.S and European stocks made good gains overnight capping off a solid week. Of course things could go pair shaped in the final session tonight, but the market will be hoping that U.S retail sales numbers due at 10.30pm show a pickup in retail sales and continued positive investor sentiment. Forecasts are for a gain of around 0.1%.
The Chinese celebrate the Mid-Autumn Festival today and so the CNY and China will be taking a day off to eat Mooncakes and spend time with family.
AUD EXCHANGE RATES:
AUD/USD – 0.6833
AUD/GBP – 0.5532
AUD/EUR – 0.6172
AUD/NZD – 1.0681
AUD/JPY – 74.011
All Ords (XAO) – 6,765
Gold – A$2,181/oz
Silver – A$26.30/oz
WTI – US$55.20/barrel
DATA RELEASES TODAY:
USD – Core Retail Sales m/m at 10.30pm
CNY – Bank Holiday (Mid-Autumn Festival)
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Senior Corporate FX Dealer
Phone Patrick – 0431 278 632
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