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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