Good morning all – I’m back from Queensland and back into the swing of things this morning. Apologies if I was a little slower than normal to reply to phone calls and emails over the past 6 days – I know I set the bar pretty high in terms of replying in minutes not hours (as some brokers do).
While I’ve been away the Aussie dollar has continued to gather momentum charging past 0.7650 and hitting a high of around 0.7750 on the wholesale market on three occasions over the past week. Equities and the Aussie dollar remain buoyant thanks to strong commodity prices and a distinct lack of any negative global economic news, but of course that can all change quite rapidly and so I would suggest taking some forward cover (not all) at current levels. Hedging your bets is always better than not hedging at all.
Its a quiet day today in terms of data releases with only U.K employment figures and average earnings due tonight. Expectations are for both to grow marginally so this could provide a bit more forward momentum for the GBP which has already recovered around 1.5% vs. the AUD.
DATA RELEASES TODAY:
GBP – Average Earnings & Employment Data at 6.30pm
AUD EXCHANGE RATES:
AUD/USD – 0.7697
AUD/GBP – 0.5907
AUD/EUR – 0.6825
AUD/NZD – 1.0572
AUD/JPY – 77.235
***Above rates are indicative wholesale rates and intended as a guide only***
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Patrick Downes
Senior Corporate FX Dealer
Compass Markets
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