**Thanks very much to the many clients who emailed me Friday to notify me I had made an error with the exchange rates in my morning market update – it’s nice to know people read what I put out each morning**
In reality however the Aussie dollar moved very little Friday and over the weekend and remains around levels we saw for most of last week. U.S and Asian stocks retreated Friday, however European equities bucked that trend finishing mostly higher – the standout was the French CAC which rallied some 0.65% as the left leaning Emmanuel Macron leads in the French National Election polls.
Ahead today is local Aussie retail sales and estimates suggest the figure to come in around the rather subdued level of 0.3%. I say subdued as we’ve in the past been known to see figures as high as 1%, however in the last 3 or so years those sorts of numbers have become exceptionally rare in what is a stagnant Aussie retail environment.
DATA RELEASES TODAY:
AUD – Retail Sales at 11.30am
GBP – Manufacturing PMI at 6.30pm
USD – ISM Manufacturing PMI at midnight AEST
AUD EXCHANGE RATES:
AUD/USD – 0.7583
AUD/GBP – 0.6031
AUD/EUR – 0.7107
AUD/NZD – 1.0854
AUD/JPY – 84.537
***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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