28th September – Daily Currency Market Report

CompassLandscape1

The Market In Brief:

  • AUD holds firm
  • NZD readjusts higher again
  • US GDP up
  • US Consumer Sentiment up
  • Gold $1,145 & DJIA 16,315

 

Market Events Due:

  • BoE Dep Gov Cunliffe speaks
  • FOMC Member Dudley speaks
  • US PCE Price Index
  • US Pending Home Sales

 

 {{cta(’40a44a7d-f1cc-4f91-a443-927e954c6aae’)}}


REFERRALS: Client referrals are a very important part of our business. If you know of any contacts that could benefit from our comprehensive range of international currency transfer services, please do let me know. 


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).

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. 

 JimDevonportSignature

Jim Devonport

Corporate & HNW Client Manager 

{{cta(’40a44a7d-f1cc-4f91-a443-927e954c6aae’)}}

 

Leave a Reply

Your email address will not be published.