A busy day ahead for the local currency with current account figures, retail sales numbers and the latest from the RBA on interest rates all due. And while the Aussie dollar has been treading water over the past few weeks today could see some veritable action particularly if economic numbers surprise to the upside, or the RBA decide a surprise hike in interest rates is in order – however I would suggest that with wages growth, retail sales and nearly every other sector other than mining weak, nearly no economists are expecting a hike in interest rates.
Retail sales have been flat or negative every month since September despite predictions each month that we will see some growth in retail sales, so with the same expected again (0.3% improvement) I would have to think going on the trend that the figures are likely to be flat or negative again, however I’d certainly like to see some signs of life in the retail sector!
Other than that iron ore prices have been solid and Bitcoin continues to surge higher with the latter now nearly touching 12,000USD per Bitcoin…madness? Perhaps…A bubble, definitely! I’m still having people asking me how to ‘invest’ in Bitcoin, so again I warn those with a penchant for speculation this is 100% a bubble and when it bursts, not only will many tears be shed, but also some people’s life savings….don’t be one of them.
AUD EXCHANGE RATES:
AUD/USD – 0.7593
AUD/GBP – 0.5637
AUD/EUR – 0.6405
AUD/NZD – 1.1085
AUD/JPY – 85.472
Gold – A$1680/oz
Silver – A$21.52/oz
WTI – US$57.41/barrel
DATA RELEASES TODAY:
AUD – Current Account & Retail Sales at 11.30am
AUD – Cash Rate & RBA Statement at 2.30pm
***Above rates are indicative wholesale rates and intended as a guide only***
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Senior Corporate FX Dealer
Phone Patrick – 0431 278 632