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The market in brief:
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Market moving events due
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AUDUSD: The Chinese Central Bank shocked the market with its largest ever devaluation yesterday, dragging the Australian Dollar lower as our exports now become more expensive to them. Domestically Business Confidence took a hit and ensured the local unit kept at the day’s lows. Chinese Industrial Production is our main focus, but unlikely to see a test either side of the range.
AUDEUR: News that a Greek bail out deal has virtually been agreed to and the local developments here have conspired to push this pair back to lows seen at the end of last month. The Greek Government are set to rubber stamp that this evening. On the charts we have fallen back into the downward trend and may well stay there and the next break will determine direction.
AUDGBP: The Chinese news pushed this pair back to 1 week lows and we spent the rest of the day down there. UK Unemployment numbers this evening are key to deciding whether we retrace or push on. we favour the latter.
AUDNZD: The Tasman Cross dipped as the Yuan’s devaluation will be felt by Australia more, however the move was slight as both tanked versus the Greenback. With no NZ data due until Friday we expect to hold around these levels.
Quote of the day: The person who makes a success of living is the one who see his goal steadily and aims for it unswervingly. That is dedication. Cecil B. DeMille (born this day 1881)
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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