The market in brief:
Market events due:
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AUDUSD: With the CNY weakening for a third day in a row there was understandable nervousness, however the PBoC is working to restore order and the volatility was only slight yesterday. The only real news was a solid US Retail Sales number and although this may have pushed the chances of a September hike up, the range was held firm as forecast. Numbers due today aren’t expected to force a break as we wait for more important data next week.
AUDEUR: Another day of no news from the European continent or locally has kept this pair trading tight. German GDP is now due this evening and perhaps a market mover but we need a break of the downward channel to determine direction.
AUDGBP: The Pound fought back on solid house price data and as importers took advantage. However the move was only small as the market does not want to get ahead of itself with next weeks inflation and retail sales releases to come. Technically a head and shoulders pattern is about to be completed which suggests the downtrend is about to continue.
AUDNZD: The decrease in CNY inspired volatility has benefited the Aussie as did a drop in the NZ Business Manufacturing Index. Todays NZ Retail Sales are expected to take a dive and should see further upside and a break out of this week long downward channel.
Quote of the day: When a man opens a car door for his wife, it’s either a new car or a new wife. Prince Philip.
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