The Greenback clawed back losses over the weekend causing AUD/USD to lose about 100 points or 1.3% since Friday morning. Activity among the other AUD crosses on the other hand remains subdued with most pairs trading close to levels seen late last week.
Chinese New Year bank holidays continue throughout the early part of this week with Chinese bank workers not back in the office and processing payments until Thursday – as such expect delays in payments to China this week. Some dribs and drabs of economic data will be released this week but nothing overly market moving other than U.S Federal Reserve FOMC meeting minutes which are out early Thursday morning. FOMC meeting minutes generally have an impact on the US Dollar and by default AUD/USD as members usually discuss or rather outline their views on further rates hikes, QE and so forth. We will be watching closely and certainly my Thursday report should highlight what’s changed if anything.
AUD EXCHANGE RATES:
AUD/USD – 0.7896
AUD/GBP – 0.5632
AUD/EUR – 0.6366
AUD/NZD – 1.0703
AUD/JPY – 84.028
USD/BTC – $10,712
COMMODITIES:
Gold – A$1703/oz
Silver – A$21.07/oz
WTI – US$61.48/barrel
DATA RELEASES TODAY:
China Bank Holidays til Thursday
***Above rates are indicative wholesale rates and intended as a guide only***
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Patrick Downes
Senior Corporate FX Dealer
Phone Patrick – 0431 278 632
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