13th November – Daily Currency Market Report

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The Market in Brief:

  • AUD higher
  • AUD unemployment 5.9%
  • Gold $1084.21

Market Events Due:

  • USD Retail Sales and inflation data
  • German GDP

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AUD/USD: The Aussie dollar surged after the release of Australia’s employment report, but has given back a little from yesterday’s highs. The unemployment rate improves from 6.2% to 5.9% as the main headline Employment gained 58600 from a forecast of 15000. This could may put an end to any more interest rate cuts this year but before we decide  on that we will need the Aussie economy to show more strength and China’s economy stabilising. Tonight we have USA retails sales, which should give some sort of direction for next week. As good numbers from the report could bring a bearish open on Monday.

AUD/NZD: Aussie kiwi movement generally are determined by interest rate differential of the two currencies. Overnight money market suggest the Aussie is clawing back from recent losses. It is likely the momentum will continue in the short term.

AUD/GBP: From yesterday’s report unemployment figures were at a seven year low yesterday. The Bank of England’s stance has changed to a more dovish tone on the economy. No major market moving data is expected from the UK tonight.

AUD/EUR:The AUD stronger against the EUR this morning after stronger employment data domestically and Dovish comments from Draghi overnight. Further easing in the Eurozone could be applied but it appears that Draghi wants to see if the Fed raise rates in the coming months before making a decision. All eyes now turn to German GDP data due out this evening.

QUOTE OF THE DAY: Lest We Forget

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 should the spot rate improve or the contract not be required. 

 

 

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Jim Devonport

Corporate & HNW Client Manager 

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