Apologies about no report the last few days I’ve been quite simply flat chat booking payments and hedging for clients or in meetings. This time of year is notoriously busy for Compass Markets and our clients, however it tends to quieten down dramatically a week or so before Xmas. Can’t believe I’m mentioning Xmas already!
Since my last report the Aussie dollar has been pummelled vs. the Euro which I can only assume has something to do with comments from ECB President Mario Draghi who has a tendency to move markets when he opens his mouth. The latest reports suggest easy money or low interest rates may soon become a thing of the past with many central banks including the ECB and US Fed now looking to lift interest rates where possible and trim balance sheets, i.e. end quantitative easing (printing money out of thin air).
The Aussie dollar is holding up against the Greenback, trading within the 0.76-0.7700 range, but does remain prone to big moves on the back of both commodities prices and central bank movements.
A bit of local Aussie data is out today in Consumer Sentiment, Wages and New Motor Vehicle Sales…all are generally leading indicators of the health of the Australian economy with lower consumer sentiment, wages and new car sales likely to have a negative impact on the Aussie dollar while the opposite will have a positive effect on the Aussie dollar.
AUD EXCHANGE RATES:
AUD/USD – 0.7630
AUD/GBP – 0.5794
AUD/EUR – 0.6469
AUD/NZD – 1.1095
AUD/JPY – 86.557
Gold – A$1677/oz
Silver – A$22.30/oz
WTI – US$55.48/barrel
DATA RELEASES TODAY:
AUD – Westpac Consumer Sentiment at 10.30am
AUD – Wage Price Index & New Motor Vehicle Sales at 11.30am
USD – CPI & Retail Sales at 12.30am (tomorrow morning)
***Above rates are indicative wholesale rates and intended as a guide only***
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Senior Corporate FX Dealer
Phone Patrick – 0431 278 632