The Market in Brief:
Market Events Due:
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AUDUSD: The Australian Dollar bounced off Fridays lows as the market prefered the currency in more neutral territory ahead of the RBA meet today and the plethora of economic data due this week. The move also came about with poor second tier US data that had US Pending Home Sales up just +0.2%, versus the +1.6% expected. On the charts our target sits 160 points higher, being the 50% retracement of sell off seen since mid June.
AUDEUR: Hit fresh 4 month highs as the market prepares for the ECB this week seeing the Euro hit 6 month lows versus the Greenback. There is no EU data this evening, so direction for this Aussie cross will be dictated locally and there seems no reason why the upward trend should not continue.
AUDGBP: Aussie strengthened here as well, as the short term sell off was corrected. UK Bank Stress Results are due this evening, however its BoE Governor Carney’s speech and UK Manufacturing data this evening that will take precendence. Technically we could well see a break of the 4 month highs seen last week and another 1% of gains.
AUDNZD: Upbeat NZ Business Confidence numbers pushed the Tasman cross back to the bottom of the range. Todays Australian data should see that reversed and tomorrows NZ Dairy Price release will be key to see if the upward trend can break the highs, that have capped since late September.
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