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The Market In Brief:
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Market Events Due:
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AUDUSD: Dipped as the market picked the positives out of mixed US data and as we reassess Chinese growth. US Consumer Confidence is due this evening and may have a small effect on price action as there is nothing else to concentrate on until Thursday. On the charts we sit at technical support so expect a recovery throughout our session.
AUDEUR: Pushed lower as the market favours the common currency over the US Dollar at the moment. Spanish and German Inflation data comes this evening, but is of passing interest only. The technical picture should hold meaning exporters should call this morning.
AUDGBP: Down slightly on the day, but only so much as to correct Fridays small gains. BoE Governor Carney speaks this evening so we’ll look for further confirmation of interest rates being held. On the charts year-long resistance caps and we cannot see any reason for the upside to be broken until this time next week.
AUDNZD: Traded higher as the market has completed its readjustment of the NZ economy and as we filled the gap in the charts created by the recent dovish RBNZ meet. There is no NZ data due until tomorrow so we see the trend continuing.
QUOTE OF THE DAY: A bookstore is one of the only pieces of evidence we have that people are still thinking. Jerry Seinfeld
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.
Jim Devonport
Corporate & HNW Client Manager
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