Despite base metals and commodities in general losing a bit of their shine over the past few sessions AUD has managed to hold ground against the Greenback and Euro. Commodities markets have been dragged down in recent days by profit taking following a very strong surge in metals prices since early December. I remain bullish on the industrial and precious metals through 2018 given we have rising global growth and inflation looking like it wants to pop higher. Inflation, growth and a weaker USD which is what we’ve seen more recently all suggest AUD/USD may test previous highs reached between July-September around 0.8000-0.8100. So exporters may need to hold tight, while for the importers its certainly a good time to take advantage of rates while they’re up – don’t miss the opportunity.
Data released yesterday showed the unemployment rate rose while far more jobs were created than had been forecast which is a bit of a head scratcher until you drill down into the results and what we see is that while we had a bumper employment figure with 35,000 new jobs created, 20,500 became unemployed!
The only data out today is UK retail sales at 8.30pm.
AUD EXCHANGE RATES:
AUD/USD – 0.7996
AUD/GBP – 0.5753
AUD/EUR – 0.6533
AUD/NZD – 1.0943
AUD/JPY – 88.794
USD/BTC – $11,953
COMMODITIES:
Gold – A$1659/oz
Silver – A$21.19/oz
WTI – US$63.73/barrel
DATA RELEASES TODAY:
GBP – Retail Sales at 8.30pm
***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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