Iron ore fell by around 3-5% overnight (depending where you look) halting the Aussie’s run ahead of the latest RBA monetary policy minutes due this morning. The Aussie dollar is around 0.2-0.3% down across the board while Aussie equity futures appear to have turned negative in what could today be only the second down day since 7th July.
Other than that news and data is pretty limited with not a great deal happening overnight. As mentioned RBA Monetary Policy Minutes are due at 11.30am and while they are simply the notes from the last RBA meeting they do tend to have an impact on the market and more so Aussie dollar as they give a clear insight into the RBAs thought processes and whether rates cuts are something they discussed. The announcement therefore will be watched pretty closely by market participants.
DATA RELEASES TODAY:
AUD – RBA Monetary Policy Minutes at 11.30am
GBP – CPI at 6.30pm
EUR – German ZEW Economic Sentiment at 7.00pm
AUD EXCHANGE RATES:
AUD/USD – 0.7570
AUD/GBP – 0.5706
AUD/EUR – 0.6836
AUD/NZD – 1.0755
AUD/JPY – 80.357
***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
