U.S and European stocks had another good session overnight, managing to post gains of around 0.2-0.45%. The local market was up a similar amount yesterday adding half a percent with the ASX200 Futures suggesting we could see 5600 at some point today.
The Aussie dollar is back above 0.7250 this morning having found some support after 5 down days and losing nearly 3 cents vs. the Greenback. Given the lack of data today its hard to see too much action on currency markets, likely trading will be constrained to the mid 0.72’s.
Again if you want to consider hedging your Jan, Feb or March exposures via Forward Exchange Contracts please do give me a call before Friday to discuss your options. Forward Contracts while not allowing participation if the market improves does provide importers with certainty around their costing levels and are a great tool for clients whose imports have very tight margins.
DATA RELEASES TODAY:
No news or economic data today
AUD EXCHANGE RATES:
AUD/USD – 0.7251
AUD/GBP – 0.5868
AUD/EUR – 0.6984
AUD/NZD – 1.0491
AUD/JPY – 85.479
***Above rates are indicative wholesale rates and intended as a guide only***
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Senior Corporate FX Dealer
Phone Patrick – 0431 278 632