Equity markets the Aussie dollar and commodities gave up further gains overnight with most asset classes ending the session in the red. Iron ore fell a further 1-2% while the worst performing indices were the French CAC and German DAX down 0.6% and 0.8% respectively.
The Aussie dollar lost around a cent vs. the Greenback and Euro over the past 24 hours, while AUD/GBP continued to ease off highs seen last week when we touched on 0.5867. AUD/GBP may be headed still lower following the recent decision from the Bank Of England not to support their currency with interest rate cuts, but this will all play out over the next few weeks starting tonight with U.K unemployment figures and average earnings around 6.30pm
DATA RELEASES TODAY:
GBP – Unemployment Rate and Average Earnings Index at 6.30pm
AUD EXCHANGE RATES:
AUD/USD – 0.7516
AUD/GBP – 0.5731
AUD/EUR – 0.6820
AUD/NZD – 1.0653
AUD/JPY – 79.830
***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
