Market Update – 24th July 2018 – Bitcoin Makes Resurgence While AUD Appears Range Bound

Bitcoin is the big mover this month up around 30% since mid July and seemingly back on the radar of investors. Bitcoin found support around US$6,000 and is now trading at US$7,725 as I write this report, however please remember that volatility has become synonymous with Bitcoin and crypto currency more broadly – so I’d continue to suggest caution with your investing in this space.

In comparison the Aussie Dollar has been far less volatile and has really spent much of the past month in a tight range against all the majors. AUD/USD remains anchored around the 0.73-0.74 level, while AUD/GBP and AUD/EUR appear stuck around 0.5600 and 0.6300 respectively. Commodities prices which are a crucial input in the direction of the Aussie dollar prices have been on the back foot for the better part of a couple of months, but do appear oversold at current levels – any resurgence in commodities prices, particularly iron ore, should support the Aussie Dollar.

No economic data out today, however Aussie CPI is due out tomorrow morning.

AUD EXCHANGE RATES:

AUD/USD – 0.7362

AUD/GBP – 0.5613

AUD/EUR – 0.6292

AUD/NZD – 1.0857

AUD/JPY – 81.98

USD/BTC – $7,725

OTHER MARKETS: 

All Ords (XAO) – 6,320

Gold – A$1,659/oz

Silver –  A$20.85/oz

WTI – US$67.67/barrel

DATA RELEASES TODAY:

No ‘Tier 1’ economic data out today or this evening.

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick – 0431 278 632 

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