Market Update – 27th February 2017 – Aussie Holding In Tight Range Between 0.76-0.77

Commodities and equities finished the week mixed while AUD/USD continued to trade within a tight range between 0.76-0.77 on the wholesale market. This morning much the same with AUD/USD in the mid 76’s while the EURO and POUND continue to languish against most of their trading partners – not the least against the Aussie dollar with AUD/EUR and AUD/GBP holding in the 70’s and 61’s respectively. Eventually the GBP and EURO will rally, but timing this is fraught with danger. So with that said those clients of mine with GBP and EURO exposures should continue to pay invoices as and when due, but keep a close eye on a momentum shift – it was only late December that AUD/EUR was trading at 0.67 and dont forget AUD/GBP was at 0.4800 around this time last year.

Not data out today but the release of U.S core durable goods orders should create a little volatility with respect to U.S equities and the U.S dollar.

DATA RELEASES TODAY:

USD – US Core Durable Goods Orders at 12.30am

AUD EXCHANGE RATES:

AUD/USD – 0.7649

AUD/GBP – 0.6126

AUD/EUR – 0.7238

AUD/NZD – 1.0615

AUD/JPY – 85.941