Very little economic data is out today again with only the latest U.K current account due for release around 7.30pm. The latest figure will likely see a further shrinking of the current account to around -16B GBP, suggesting funds are starting to trickle back into the U.K given the Pounds astonishing weakness over the past 9 months. The shrinking current account deficit which peaked around Brexit last year coincides with rebounding inflation and a strong retail sales figures released this month. AUD/GBP is still hovering around the 0.60-0.61 mark but has consistently failed to push much above this level despite the triggering over Article 50 earlier in the week.
Equities were mostly stronger overnight and our local equities look set for another good day. Commodities on the other hand remain mixed at best and have lost a little of their favour over the past fortnight.
DATA RELEASES TODAY:
GBP – Current Account Deficit at 7.30pm
AUD EXCHANGE RATES:
AUD/USD – 0.7590
AUD/GBP – 0.6084
AUD/EUR – 0.7111
AUD/NZD – 1.0884
AUD/JPY – 84.934
***Above rates are indicative wholesale rates and intended as a guide only***
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