Not a great deal happened in markets yesterday or over the weekend with the Aussie still hanging on around the 0.8000 mark. However the latest news out of the housing market isn’t great with economic data showing the sharpest decline in new home sales since 2013. The data in conjunction with a raft other local economic indicators & housing metrics certainly don’t bode well for the east coast property market.
All eyes will be on the RBA today as they meet for their monthly cash rate meeting and while there is expected to be no change to interest rates from 1.5% it will still be quite interesting to get their take on the Aussie dollar as well as the surprising strength in commodities prices which is driving this strength and taken AUD from the lows 0.7000’s to the 0.8000’s in a matter of weeks.
AUD EXCHANGE RATES:
AUD/USD – 0.7998
AUD/GBP – 0.6054
AUD/EUR – 0.6756
AUD/NZD – 1.0651
AUD/JPY – 88.183
DATA RELEASES TODAY:
AUD – RBA Rate Statement and Cash Rate at 2.30pm
USD – ISM Manufacturing PMI at midnight
***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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