Frenzied selling over the past few days thankfully cooled overnight as U.S preliminary jobs numbers beat expectations and the U.S Federal Reserve left rates on hold at 1.5% amid surging bond yields that had perhaps ruffled some feathers. Last night’s FOMC meeting was the last meeting to be led by Janet Yellen as she vacates the position for incoming Fed Chairman Jerome Powell who will be sworn in Monday.
Overall markets are looking a decent bit healthier today, but other than a stable AUD/USD other Aussie crosses have continued to decline. AUD/EUR and AUD/GBP are now back below 0.6500 and 0.5700 respectively and remain in a bearish down trend which may continue as growth picks up in the Eurozone and the U.K. Those looking to purchase EURO or Pound may be prudent to look at hedging exposures sooner rather than later via a Forward Contract.
Ahead today is local Building Approvals numbers followed by the RBAs Commodity Prices Index at 4.30pm this afternoon. We’ll then see manufacturing data later this evening out of the U.K and the U.S.
AUD EXCHANGE RATES:
AUD/USD – 0.8057
AUD/GBP – 0.5676
AUD/EUR – 0.6490
AUD/NZD – 1.0932
AUD/JPY – 87.982
USD/BTC – $9,960
Gold – A$1669/oz
Silver – A$21.53/oz
WTI – US$64.73/barrel
DATA RELEASES TODAY:
AUD – Building Approvals at 11.30am
AUD – Commodities Prices Index at 4.30pm
GBP – Manufacturing PMI at 8.30pm
USD – ISM Manufacturing PMI at 2.00am (tomorrow morning)
***Above rates are indicative wholesale rates and intended as a guide only***
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