I’m running a little behind schedule today – so just a short update.
The Aussie dollar has had a wild 24 hours of trade following local CPI and the latest U.S Fed meeting this morning with AUD trading between 0.7400-0.7600 vs. the Greenback and 0.6750-0.6900 vs the Euro. Local CPI came in slightly above expectations yesterday morning but may still be too small a number for the RBA to avoid cutting interest rates to a record low of 1.5% next Tuesday. Markets are pricing the chances at about 50/50 so a cut to rates will have an even more dramatic impact should the RBA decide to get on the front foot re: inflation.
We have no further data due out today, but the latest U.S GDP figures tomorrow evening will round out the week.
DATA RELEASES TODAY:
Nil
AUD EXCHANGE RATES:
AUD/USD – 0.7497
AUD/GBP – 0.5675
AUD/EUR – 0.6784
AUD/NZD – 1.0588
AUD/JPY – 78.980
***Above rates are indiciative wholesale rates and intended as a guide only***
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Patrick Downes
Senior Corporate FX Dealer
Compass Markets
Contact Patrick for a quote on 0431 278 632
