In the absence of any news overnight the Aussie dollar has continued its sensational rally, busting through 0.7450, taking a swipe at 0.7500 but failing to hold above that level which has become synonymous with the fair value many market participants place on AUD/USD. Equities had mixed results overnight but commodities led by oil and gas had the best gains up around 0.5%-2%. The Bloomberg Commodity index finished up nearly 2% which bodes well for local equities today.
Again not much is on the cards in terms of data – so positive momentum will continue to guide the market.
DATA RELEASES TODAY:
EUR – ECB President Draghi Speaks at 5.00pm
AUD EXCHANGE RATES:
AUD/USD – 0.7496
AUD/GBP – 0.5162
AUD/EUR – 0.6574
AUD/NZD – 1.0532
AUD/JPY – 80.112
***Above rates are indiciative wholesale rates and intended as a quide only***
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Patrick Downes
Senior Corporate FX Dealer
Compass Markets
Contact Patrick for a quote on 0431 278 632
