The Market In Brief:
Market Events Due:
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AUDUSD: Appears happy to remain around our targeted levels as the RBA minutes were not as dovish as feared and US Retail Sales disappointed. The market is of course also unwilling to take price action too far away from the norm, ahead of the US FOMC meet on Friday morning. Tonight’s US Inflation is our focus in the meantime and may see a brief spike in price action.
AUDEUR: Has remained at the top of the 2 week old and 150 point range. News that German Consumer Sentiment disappointed analysts’ expectations wasn’t too surprising, but it wasn’t enough to push this pair on through. EU inflation is due this evening but shouldn’t be enough to force a break either. Instead we’d suggest those with Euro’s to buy in the short term get in touch.
AUDGBP: An Inflation read of 0.0% hardly inspired Sterling bulls and so we recovered to push towards the top of the recent upward corrective channel. UK Unemployment and Earnings data comes this evening which should see the lower levels tested again.
AUDNZD: A hat trick of positive reads for the NZ Global Dairy Price resulted in a shallow sell off for this pair. We look to NZ Current Account and GDP numbers over the next 24 hours for short term guidance. Technically 3 month long resistance cap’s and threatens to force a fill of the RBNZ gap.
QUOTE OF THE DAY: The last time Australia had a full-term PM, the iPhone had not yet been invented, (June 2007).
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