21st August – Daily Currency Market Report

CompassLandscape1

The market in brief:

  • AUD dips but recovers again
  • NZD edges higher
  • UK Retail Sales disappoint
  • US Weekly Unemployment Claims up
  • US Philly Fed Manufacturing up             
  • Gold $1,152 & DJIA 16,958 

Market events due:

  • Chinese Manufacturing
  • UK Retail Sales
  • French Manufacturing
  • German Manufacturing

 

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AUDUSD: The Australian Dollar dipped upon the start of the UK session as the markets reacted to another sell off in Asian equities. However another batch of mixed US data ensured the lower levels were bought into and we close virtually flat. Chinese Caixin Manufacturing data and the Shanghai stock exchange is our focus today and will determine what side of the range we test next.

AUDEUR: The Euro strengthened again as Greek PM Tsipras resigned and called for an early election. French and German Manufacturing data is due this evening and as both are expected to continue improving then we should hold around these 2015 lows.  

AUDGBP: The Pound rallied here as the market saw benefit to the whole European region on the call for Greek elections and a weakening in Asia. However a drop in UK Retail Sales meant most of the earlier move was reversed by the close. With nothing of note due from the UK we should stay around the 3 day old range.  

AUDNZD: Another drop here as Asian equity markets took their toll on the Aussie and as the thoughts of a ½% cut from the RBNZ next month are pared back. Technically we are seeing lower highs and higher lows that suggest another larger move is building for just when the two central banks meet.

QUOTE OF THE DAY: When I die I want to go peacefully in my sleep like my Grandfather, not screaming and yelling like the passengers in his car. Bob Monkhouse

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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