The Market In Brief:
Market Events Due:
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AUDUSD: Sunk to 1 week lows as the market bailed from the higher yielding currencies and back in to the safer haven of the greenback as stock markets and commodity prices plummeted across the board. Chinese manufacturing is our focus today and is expected to show a pick up but still remain in “contraction”. Trend line support from the start of the month has been hit and we’d expect that to hold.
AUDEUR: Ended the day flat as both currencies suffered in equal measure. Policy divergence between the ECB and FOMC is resulting in a weaker Euro, but the Aussie is unable to take advantage. French and German Manufacturing data this evening should ensure we remain in the 5 week old range.
AUDGBP: Has made a small gain with the release of much weaker Industrial Order data that disappointed analysts’ expectations for the 7th month in a row. We are trading either side of the 50% retracement of the month long range and a break determines medium term direction. Until then orders should be placed respectively.
AUDNZD: The top of the upward channel held firm, as forecast yesterday, forcing a sizeable drop. Support 20 points below this morning’s open may be as good as it gets for AUD buyers this week at least. Our medium term target sits 3 cents above.
QUOTE OF THE DAY: Once you replace negative thoughts with positive ones, you’ll start having positive results. Willie Nelson
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.
Corporate & HNW Client Manager