The Market In Brief:
Market Events Due:
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AUDUSD: Held firm trading a tight range to finish the week as the market continues to digest Yellen’s comments. We have more Fed speak this evening and the Chairwoman speaks again on Thursday, so our only real focus until Fridays all important US Non-Farm Payrolls. Given the significance of the above we cannot see the market stray too far from this morning’s open until then.
AUDEUR: Had a small and brief look higher on Friday, however the market was in no mood for new ground and we closed flat. There is no major data due from the EU this week and the chart suggests price action will remain tight for the rest of the week.
AUDGBP: The Pound actually lost some ground here as the market pares back thoughts of a BoE interest rate hike and as we head towards trend line resistance that has been in play for a year. We look to a speech by Carney, UK Current Account Numbers and UK Manufacturing data this week, however cannot see any reason for the upside to be broken for another 8 days.
AUDNZD: The market has seemingly finished readjusting for Fonterra’s positive report and has also filled the gap on the charts caused by the RBNZ meeting, (as forecast). AUD buyers with NZD receipts may not see better levels.
QUOTE OF THE DAY: The superior man makes the difficulty to be overcome his first interest; success only comes later.
Confucius (Born this day 551 BC).
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