22nd September – Daily Currency Market Report

CompassLandscape1

The Market In Brief:

  • AUD drifts lower
  • NZD also down
  • US Existing Home Loans down
  • Market survey suggests rate hike in December
  • Goldman Sachs sees 10c drop in EURUSD
  • Gold at $1,133 & DJIA 16,571

Market Events Due:

  • Japanese Holiday
  • Australian House Price Inflation  

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AUDUSD: Spent most of an uneventful session grinding lower, as the market retraces some of its post-FOMC spike. The Japanese bank holiday continues today and there is no data of note due until tomorrow. Technically the short term upward channel has broken and we see another 50 points of downside to target support that held in late August.

AUDEUR: Closed the day flat having bounced off resistance that has capped for the last month. Goldman Sachs has suggested the Euro will weaken 10c against the Greenback, although not for the first time. There is no data due until tomorrow so the highs will be capped for one more day at least.

AUDGBP: The Pound pushed back to the bottom of the week long range as a lack of meaningful data had the market concentrating on the technicals and therefore holding the 50% retracement of the 4 week old range. We could potentially hold here for the rest of the month since there is no UK data due until then.

AUDNZD: Pushed higher as the short term upward channel held firm and in reaction to weaker NZ Consumer Sentiment numbers. There is no data due until Thursdays Trade Balance release so we’ll expect this chart pattern to play out until then.

Quote of the day: You can’t help getting older, but you don’t have to get old. George Burns 

Alternative Currency Hedging Tool: 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 if the rate improves or if not required.

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Jim Devonport

Corporate & HNW Client Manager 

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