It’s officially the first day of Spring tomorrow and what a Winter its been. The Aussie dollar? Well AUD/USD pretty much rallied from day 1 of Winter right through reaching a high around 0.7760, but has in the last few days run out of steam thanks to hawkish comments from Fed Chairwomen Yellen and falling iron ore prices.
Building approvals data released yesterday showed apartment dwellings continue to outpace house approvals by whopping margins with no end in sight, in fact interestingly new house approvals have barely moved in 30 years, while conversely the chart for new apartment approvals look like a boomerang pointed towards the sky.
No local data is due out today, but we do have preliminary U.S jobs data in ADP non-farm employment. Expectations are for a similar number to last month, so will again be closely watched considering recent comments from Yellen re: interest rates.
DATA RELEASES TODAY:
USD – ADP Non-Farm Employment at 10.15pm
AUD EXCHANGE RATES:
AUD/USD – 0.7511
AUD/GBP – 0.5743
AUD/EUR – 0.6741
AUD/NZD – 1.0397
AUD/JPY – 77.340
***Above rates are indicative wholesale rates and intended as a guide only***
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Patrick Downes
Senior Corporate FX Dealer
Compass Markets
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