The Aussie dollars gradual decline continued again overnight with the Aussie lower by around half a percent across the board. The big mover of late has been AUD/GBP with the U.K local currency surging on higher inflation numbers and speculation we could see a move from the Bank of England to stem this booming inflation via higher interest rates. Equities and commodities posted mixed results with Gold the clear winner while more risky assets like iron ore and equities lost ground.
No data is released today but we will see the latest Consumer Confidence figures out of the U.S tonight. Consumer confidence has been on the rise ever since the GFC and paints a pretty rosy picture of U.S consumers however we are now reaching levels of confidence that we saw just preceding the GFC – what this means for markets is anyones guess, but certainly worth treading with caution particularly if long U.S equities.
DATA RELEASES TODAY:
USD – CB Consumer Confidence at 1.00am
AUD EXCHANGE RATES:
AUD/USD – 0.7569
AUD/GBP – 0.6015
AUD/EUR – 0.6962
AUD/NZD – 1.0751
AUD/JPY – 83.754
***Above rates are indicative wholesale rates and intended as a guide only***
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Patrick Downes
Senior Corporate FX Dealer
Compass Markets
Phone Patrick – 0431 278 632
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