A failed coup attempt in Turkey over the weekend has done little to quell global optimism with markets again seemingly on the rise this morning. Gold, which typically rallies on bad news or potential uncertainty has done the opposite and is down half a percent while the risk averse Aussie is up nearly 1% and a quarter percent respectively against the safe haven currencies of the Yen and Greenback.
Friday night we saw the release of the latest batch of economic results from the U.S with CPI continuing on pace at 0.2% month on month while retail sales and industrial production well and truly beat estimates up 0.7% and 0.6% respectively. Industrial production is still lagging though on a year on year basis but certainly retail sales appear to have picked up nicely with three strong showings in the last three months.
Not much is happening today from a news or data perspective, but we will have a member of the Bank of England talk tonight so perhaps he will explain in more detail why the Bank of England chose not to cut at their most recent meeting last Thursday evening.
DATA RELEASES TODAY:
JPY – Bank Holiday
GBP – BOE Member Weale Speaks at 6.15pm
AUD EXCHANGE RATES:
AUD/USD – 0.7593
AUD/GBP – 0.5728
AUD/EUR – 0.6866
AUD/NZD – 1.0719
AUD/JPY – 80.166
***Above rates are indiciative wholesale rates and intended as a quide only***
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Patrick Downes
Senior Corporate FX Dealer
Compass Markets
Contact Patrick for a quote on 0431 278 632
