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The market in brief:
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Market moving events due:
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AUDUSD: Started the week drifting lower as we headed towards the only event of the day, namely FOMC Lockhart’s speech. However a recovery in commodities, equities and a refusal by the FOMC member to confirm September had the local currency rally back. Domestic Business Confidence is our focus for the next 24 hours and we expect a pull back from last month’s strong number. On the charts the lows continue to hold, however we still need a break through last week’s highs to negate the downside potential.
AUDEUR: With no data of note released we kept within the 3 day old range. However with business Confidence due from here and Germany, that is set to change. The technical uptrend could well see a short term correction and give exporters a chance.
AUDGBP: The Pound strengthened here as although only 1 of 9 MPC members voted for a hike comments overnight suggest the number may well increase short term. Unemployment data isn’t due until tomorrow so we’ll expect the range to hold until then.
AUDNZD: Held in a tight range yesterday as there was no data released to give direction. Expect a short term reactionary spike to this morning’s AU Business Confidence, but not any real concerted move – at least not lower anyway.
Quote of the day: we are made wise not by the recollection of our past, but by the responsibility for our future. George Bernard Shaw
Alternative Currency Hedging: Ask us about a great alternative to traditional forward contracts that give the ability to cover at attractive levels, but with the flexibility to walk away if the rate improves or if not required.
Jim Devonport
Corporate & HNW Client Manager
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