15th September – Daily Currency Market Report

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The Market In Brief:

  • AUD up
  • NZD flat
  • Australia gets 5th PM in 5 years
  • EU Industrial Production up
  • Gold $1,107 & DJIA 16,385

Market Events Due:

  • RBA Minutes
  • BoJ meet
  • UK Inflation
  • German ZEW Economic Sentiment
  • US Retail Sales
  • NZ Global Dairy Price

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AUDUSD: Remained resilient and trading around the half way level of the mid-August sell off, despite a change of Prime Minister last night. RBA Minutes are released this morning and US Retail Sales this evening. Both have the potential to push this pair higher still. Firm technical resistance sits at the bottom of the range that held throughout the last couple of months; 100 points above.

AUDEUR: Back at the top of the range as the Aussie strengthened, although the move was tempered by a strong EU Industrial Production read. The more important German ZEW comes this evening and with a weaker number predicted we may be able to push through 3 week old resistance. Our target is trend-line resistance that comes from the monthly highs since late April and sits 200 points above.  

AUDGBP: The all-round Aussie Dollar positivity continued here as well, pushing higher throughout most of the day. We sit bang on the 50% retracement of the range seen since the start of August as the market waits for this evenings UK Inflation data. It is expected to be weak and should therefore see this pair push on, short term.   

AUDNZD: Grinds higher as the market digests the RBNZ comments of further interest rate cuts to come. NZ Dairy Price data comes overnight and given the volatility of the number, we are certain to see that reflected in the currencies price action. Technically we are 150 points shy of medium term resistance and a good level for Australian importers to place target orders.

QUOTE OF THE DAY: Leadership and learning are indispensable to each other. John F. Kennedy

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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