Well remarkably AUD/USD is at the exact same level as this time yesterday and has since last Friday maintained a range of about 60 points – which is a tight range by any measure. AUD/JPY is the only real mover with the currency pair up about half a percent or so ahead of the Bank of Japan’s next interest rate move and policy statement for 2018 which will be released sometime today – the BOJ is never specific with the timing of this announcement, which is strangely quite contradictory to the way the Japanese run their train system.
In the U.S we saw Trump and the Republican party pass a tax bill which was broadly opposed by Democrats and soundly applauded by Republicans but when looking at the details looks like a massive case of paying off the rich for their support of the Republican party in the 2016 elections. How this tax bill helps the U.S depends who you speak to however broadly speaking economists see it as a case of trickle down economics which has never worked. Only time will tell as to how this tax bill plays out. Let’s revisit in a year.
This will be the last report of the year from me and I’ll return to normal reporting (near daily) from the 8th of January. I’d like to take this opportunity to thank all my 200 odd clients for their support during 2017 and the 300 odd others who are not yet clients but still enjoy reading my report each morning, thanks for reading. Have a great Christmas/New Years break and I look forward to reconnecting with many of you in the New Year.
*As for getting deals done, business as usual, email or call me for payments/hedging throughout the break. 24/7.
AUD EXCHANGE RATES:
AUD/USD – 0.7663
AUD/GBP – 0.5727
AUD/EUR – 0.6453
AUD/NZD – 1.0986
AUD/JPY – 86.921
Gold – A$1650/oz
Silver – A$21.10/oz
WTI – US$58.05/barrel
DATA RELEASES TODAY:
JPY – BOJ Policy Rate (interest rate decision)
USD – Final GDP at 12.30am
***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